Pico's Response to Novel Coronavirus (COVID-19)

March 22, 2020

We hope that you and your employees are safe and well at this time.

As Pico continues to monitor Covid-19, I wanted to update you on how we have prepared for this situation and our on-going support and assistance for your business through this difficult set of circumstances.

The following is a summary regarding Pico's response to recent orders and mandates issued by the governors of New York, New Jersey, Connecticut, Illinois, California and Pennsylvania concerning Covid-19. Along with taking precautions to protect the health and safety of our employees, we remain dedicated to providing our clients with the products and services they need. Whether working remotely or on-site, Pico employees and business are fully operational and continue to provide the support our clients require during this trying time.

The states mentioned above have implemented restrictions related to the provision of non-essential business. Approximately 95% of Pico's global workforce is now working remotely. However, Pico considers its data center operations employees as essential and continues to deploy these employees to provide our clients with 24x7x365 data center support. Pico considers the services provided by these employees to be mission-critical for our clients, which include global banks, exchanges, liquidity providers and other financial institutions. As a result, we have provided each of our data center operations employees with letters explaining the essential and mission critical nature of the work they perform, which can be provided to state and local officials in the event they are questioned about their work or travel to work. We are also in contact with Equinix and other data center providers to coordinate with them for continued access and services as needed. This will help ensure Pico's ability to continue to provide services for our clients.

Pico well understands the volatility of the markets at this time. Many of you have requested change freezes to your environments and we have implemented those requests. Several of you have had urgent requests for additional capacity and expeditious procurement and installation of hardware and equipment, and our team has serviced those as well. If your business is in need of additional assistance, please do let us know.

While the Covid-19 situation continues to rapidly evolve, Pico is prepared and ready to help do what it can to support your business. We will continue to assess the situation and provide updates as needed. As your partner, we are vested in your success and will do our best to help you and your business.

March 13, 2020

As Pico continues to monitor Covid-19, I wanted to update you on how we have prepared for this situation and our on-going support and assistance for your business through these new and challenging times.

Over recent weeks, we have undertaken a number of measures in response to Covid-19, including a review of our pandemic and business continuity planning procedures. We will continue to monitor communications from local, national and international governmental bodies to ensure we are taking the necessary steps and precautions to protect our clients, our employees and our business.

The investments that we have made over the last couple of years to create a global 24/7 operation with 11 offices in multiple time zones allow us to reliably provide products, services and continue to support our clients and partners in the midst of the Covid-19 situation. We are maintaining frequent communication with key suppliers and vendors to ensure we manage the delivery of services to you as robustly as possible. This extends to consultations with our partners who provide critical services so we can determine any changes in our operations.

The needs of our clients are at the forefront of our efforts at this time. Please don’t hesitate to contact your Pico account manager should you wish to explore additional resiliency, market access or other options to support your business in response to changes in the market environment.

With respect to business continuity measures for our staff, and their ability to continue supporting our business and yours, a number of preventative steps have been taken including:

  • All non-essential business travel for employees has been postponed
  • Any employee at risk of contagion either directly, or through a secondary party, or who has recently been to any restricted country/location, will work remotely for 14 days
  • A split WFH/Office model has been initiated for our offices in US, UK, Ireland and Singapore
  • A remote working policy is in place for all staff in our Madrid, Kraków, Tokyo, Hong Kong and South Korea offices

We have been very pleased by the extensive collaboration that we are seeing across the Firm as we implemented these plans. It is a testament to the strength and flexibility of the team globally. We will continue to share information as it becomes available and do our best to keep you informed of the Firm’s plans, policies and procedures as the situation continues to evolve.

Please reach out to us if we can provide assistance to your business.