Fr31 2015 Mechanisms For Trading Venues To Effectively-Books Pdf

FR31 2015 Mechanisms for Trading Venues to Effectively
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Copies of publications are available from, The International Organization of Securities Commissions Web site www iosco org. International Organization of Securities Commissions 2015 All rights reserved Brief. excerpts may be reproduced or translated provided the source is stated. The Board of the International Organization of Securities Commissions IOSCO has issued this. report on Mechanisms for Trading Venues to Effectively Manage Electronic Trading Risks and. Plans for Business Continuity Report following publication of a Consultation Report with the. same title 1 The Report provides background on the project and the work undertaken by. IOSCO s Committee on the Regulation of Secondary Markets with regard to the robustness of. trading venues and their business continuity plans and recovery planning particularly in light of. market disruptions that have occurred in some IOSCO jurisdictions This Report discusses. IOSCO s findings based on the responses to surveys to both regulators and Trading Venues and. proposes some recommendations 2 to regulators to help ensure that they manage effectively. identified risks The Report also proposes sound practices 3 that should be considered by Trading. Venues in developing and implementing risk mitigation mechanisms that ensure the integrity. resiliency and reliability of their critical systems as well as their BCP It is recognized that not. every sound practice will work for all Trading Venues Use of any sound practice would be at the. discretion of each Trading Venue, See CR03 2015 Mechanisms for Trading Venues to Effectively Manage Electronic Trading Risks and Plans. for Business Continuity Consultation Report April 2015 available at. http www iosco org library pubdocs pdf IOSCOPD483 pdf. Recommendations are results or conclusions regarding regulatory issues and approaches that IOSCO. members should consider These may or may not be incorporated for assessment purposes into the IOSCO. Methodology for Assessing Implementation of the IOSCO Objectives and Principles of Securities. Regulation Assessment Methodology, In general in accordance with IOSCO taxonomy sound practices consist of practices that regulators. could consider In this report however we direct the sound practices to trading venues In either case such. practices would not be reflected in the Assessment Methodology as they do not represent a standard that. IOSCO members are necessarily expected to implement or be assessed against. A Introduction and Background 1, B Technology related Risks faced by Trading Venues 5. C Description of Critical Systems 6, 1 Execution Systems 7.
2 Data Dissemination Systems 7, 3 Network Infrastructure Systems 7. 4 Surveillance Systems 7, 5 Risk Management Systems 7. 6 Order Entry Systems 8, 7 Order Routing Systems 8. 8 Other Systems 8, D Managing Technology to Mitigate Risk 8. 1 Governance 9, 2 IT Skills 10, 3 Ongoing monitoring of critical systems 10.
4 Systems Reviews 11, 5 Incident Management 12, 6 Controls around the development of new or changes to critical systems 13. 7 Outsourcing 16, 8 Recommendation and Sound Practices 18. E Managing External Risks to Critical Systems 20, 1 Risks posed by access to Trading Venues 20. a Tools to manage risks that arise from Electronic Trading 20. b Managing risks due to new and changes to, Trading Venue participant systems 21. c Managing risks due to DEA Client order flow 22, 2 Risks posed by Cyber attacks 23.
a Regulatory requirements relating to cyber security of Trading Venues 24. b Trading Venues and cyber security 24, c Trading Venue participants and cyber security 25. 3 Sound practices relating to external risks to a Trading Venue s systems 26. F How to Plan for Disruptions Business Continuity Plans 27. 1 Regulatory requirements relating to the BCP 28, 2 Trading Venue BCPs 29. a Scenarios 29, b Governance 29, c Redundancy 30, d Minimum service level of the critical functions 31. e Communication 32, f Recordkeeping 32, g Testing and periodic review 33. h BCP and Outsourced Services 34, i BCP and Intermediaries 34.
3 Recommendation and Sound practices 34, G Conclusion 37. Annex 1 Consultation Report Summary of Comments and Feedback Statement 38. Annex 2 Joint Forum BCP Principles 43, Annex 3 IOSCO Report Principles for Outsourcing by Markets 44. Annex 4 IOSCO Report Principles for Direct Electronic Access to Markets 46. A INTRODUCTION AND BACKGROUND, This project continues IOSCO s consideration of the impact of technology on trading 4 The focus. of this paper is on Trading Venues and how they manage technology 5 There is general. recognition that technology offers many advantages and efficiencies such as. Expediting transactions in securities and derivatives by enhancing the capacity accuracy. and speed of order transmission and execution, Facilitating linkages of systems including electronic trading systems. Enabling transactions from remote locations and, Enhancing the ability of market authorities to conduct surveillance and develop.
transaction audit trails, Yet the benefits offered by technological developments and electronic trading should not. overshadow the potential risks that these innovations can pose to the efficiency and integrity of. markets including the risks posed by errant order flow to fair and orderly markets 6 Recent. cases 7 of technological problems illustrate the risks associated with increasing reliance on. technology and the inherent systemic vulnerability if electronic systems do not function properly. In addition to the key risk of potentially being unable to trade technological problems can. negatively impact overall confidence in markets Trading Venues and participants 8. Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency at p 9. Oct 2011 available at http www iosco org library pubdocs pdf IOSCOPD361 pdf. For purposes of this project the term Trading Venue is generally defined as exchanges or other multi. lateral trading facilities including for example alternative trading systems ATSs and multi lateral. trading facilities MTFs It also refers to the operator of a particular exchange or trading facility IOSCO. recognizes however that the concept of a Trading Venue is evolving in a number of IOSCO member. jurisdictions For example the concept may at the discretion of individual members for their jurisdictions. only also include swap execution facilities SEFs or the proposed European organized trading facilities. OTFs A Trading Venue does not however include a single dealer system or a broker crossing facility. Market Integrity is the extent to which a market operates in a manner that is and is perceived to be fair and. orderly and where effective rules are in place and enforced by regulators so that confidence and. participation in their market is fostered Market Efficiency refers to the ability of market participants to. transact business easily and at a price that reflects all available market information Factors considered. when determining if a market is efficient include liquidity price discovery and transparency Regulatory. Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency at p 9 Oct. 2011 available at http www iosco org library pubdocs pdf IOSCOPD361 pdf. For example In Mexico a fat finger participant error in May 2012 posed a systemic risk to the domestic. market 1 13 million shares representing US 3 78 billion were traded erroneously In Europe there was. recently a delay in opening a market for 5 minutes because of a participant s system that was duplicating. orders The market opened with the participant entering orders manually. In addition the extensive use of technology creates challenges for regulators in the context of market. monitoring and surveillance IOSCO discussed these challenges in its recent paper entitled Technological. Challenges to Effective Market Surveillance Issues and Regulatory Tools 2013 See. http www iosco org library pubdocs pdf IOSCOPD412 pdf. Securities regulators globally have been looking at issues associated with technological. developments and trading in the context of Trading Venue operations and as a result have been. reviewing existing requirements or introducing requirements or guidelines to ensure that risks are. being managed 9 In addition IOSCO has worked to enhance the ability of financial market. participants to manage risks withstand catastrophic events facilitate the swift resumption of. services in the event of disruption and help to ensure the integrity of data necessary for the. resumption of normal market operations For example IOSCO issued reports on Regulatory. Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency 10and. Technological Challenges to Effective Market Surveillance Issues and Regulatory Tools 11 that. discuss the mechanisms that can be used to manage widespread use of technology by Trading. Venues and participants In addition in 2006 the Joint Forum 12 issued High Level Principles for. Business Continuity 13 a report that sets out a broad framework of sound practices for all. financial market participants including Trading Venues the Joint Forum Report The Joint. Forum s Principles are set forth in Appendix 2, For example in Canada requirements relating to Trading Venue systems have been examined and. amendments proposed in April 2014 On February 24 2012 ESMA published the Guidelines on systems. and controls in an automated trading environment for trading platforms investment firms and competent. authorities dealing among others with the resilience of trading venues and their ability to ensure fair and. orderly trading through their systems In order to strengthen the resilience of markets in the light of. technological developments and building on the ESMA Guidelines the new Directive 2014 65 EU on May. 15 2014 explicitly requires Trading Venues to have in place effective systems procedures and. arrangements to ensure their trading systems are resilient have sufficient capacity to deal with peak order. and message volumes are able to ensure orderly trading under conditions of severe market stress are fully. tested to ensure such conditions are met and are subject to effective business continuity arrangements to. ensure continuity of their services if there is any failure of their trading systems In this respect ESMA is. required to develop regulatory technical standards to further specify the requirements for the systems and. controls for trading venues In the U S on November 19 2014 the U S Securities and Exchange. Commission adopted Regulation SCI to help strengthen the technology infrastructure of the U S securities. markets and improve resilience when technological issues arise Specifically Regulation SCI requires. securities exchanges and certain alternative trading systems among other key U S securities market. participants to have written policies and procedures reasonably designed to ensure that automated systems. that support market functions have levels of capacity integrity resiliency availability and security. adequate to maintain the entity s operational capability and promote the maintenance of fair and orderly. markets Regulation SCI also requires covered entities to among other things take appropriate corrective. action when systems issues occur notify the SEC of certain systems problems and systems changes inform. members and participants about systems issues conduct testing of its business continuity and disaster. recovery plans and conduct annual reviews of their automated systems. Infra at n 3, Infra at n 5 and 7, The Joint Forum was established in 1996 under the aegis of the Basel Committee on Banking Supervision. BCBS the International Organization of Securities Commissions IOSCO and the International. Association of Insurance Supervisors IAIS to deal with issues common to the banking securities and. insurance sectors including the regulation of financial conglomerates The Joint Forum is comprised of an. equal number of senior bank insurance and securities supervisors representing each supervisory. constituency http www bis org bcbs jointforum htm, http www bis org publ joint17 pdf. As Trading Venues play an important role in the global financial system risk controls and. processes such as microstructure thresholds 14 change management procedures and quality. assurance processes effective business continuity plans BCP become even more important. For purposes of this report the term BCP includes disaster recovery plans DRP 15. Following a number of market disruptions the IOSCO Board asked its Committee on the. Regulation of Secondary Markets to investigate their causes identify the steps taken by industry. and regulators to address them and to consider the recommendations of the Joint Forum Report. Based on that initial inquiry IOSCO observed the following. Many of the market disruptions appear to be related to technological malfunctions and. most had limited market wide impact, Larger systems failures were due to hardware failures.
Some industry representatives believe that a key risk is the complexity of the markets. caused by technological advances They therefore emphasize the importance of effective. testing and controls, To further investigate IOSCO examined regulatory and Trading Venue requirements and. policies that mitigate the risks associated with electronic trading and mitigate tra. Mechanisms for Trading Venues to Effectively Manage Electronic Trading Risks and Plans for Business Continuity Final Report The Board OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS FR31 2015

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