WALLACHBETH CAPITAL, LLC has developed a Business Continuity Plan which describes how we will respond to events that significantly disrupt our business. WallachBeth is an Introducing Broker/Dealer and, as such, does not maintain custody of customers’ funds or securities. We have developed a Business Continuity Plan (BCP) that will meet the needs of our customers in case of an event that significantly disrupts our business. Since the timing and impact of disasters and disruptions is unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our business continuity plan.
In the event of a significant business disruption:
We plan to quickly recover and resume business operations after a significant business disruption and respond by safeguarding our employees and property, making a financial and operational assessment, protecting the firm’s books and records, and allowing our customers to transact business. In short, our business continuity plan is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption.
Our business continuity plan addresses: data backup and recovery; all mission critical systems; financial and operational assessments; alternative communications with customers, employees, and regulators; alternate physical location of employees; critical supplier, counter-party impact, and regulatory reporting.
Our clearing firms, Bank of America Securities, Axos Clearing, and Interactive Brokers, back up our important records in a geographically separate area. While every emergency situation poses unique problems based on external factors, such as time of day and the severity of the disruption, we have been advised by our clearing firms that their objective is to restore its own operations and be able to complete existing transactions and accept new transactions and payments within one business day. Your orders and requests for funds and securities could be delayed during this period.
Varying Disruptions: Significant business disruptions can vary in their scope, such as only our firm, a single building housing our firm, the business district where our firm is located, the city where we are located, or the whole region. Within each of these areas, the severity of the disruption can also vary from minimal to severe. In a disruption to only our firm or a building housing our firm, we will transfer our operations to a local site when needed and expect to recover and resume business within one business day. In a disruption affecting our business district, city, or region, we will transfer our operations to a site outside of the affected area and recover and resume business within one business day. In either situation, we plan to continue in business, and notify you through our web site www.wallachbeth.com.
Contacting Us: After a significant business disruption, if you cannot contact us as you usually do at 646-237-8585 you should look for information at http://www.finra.org and/or our website: www.wallachbeth.com. If you cannot contact us by any of those means, you should contact our clearing firms that Wallachbeth has introduced your account to: B of A Securities at (646) 743-0110; Axos Clearing at (402) 384-6100 and/or Interactive Brokers at (203) 618-7791 for instructions on how they may provide prompt access to your funds and securities, enter orders and process other trade-related, cash, and security transfer transactions.