Walt Lukken outlined the ION outage incident on Tuesday 31st January, the strategies employed to reduce the impact of the incident whilst maintaining flexibility of reporting requirements.
He praised the communication strategies used by a number of parties during the incident, including the Commission and National Futures Association as well as exchanges and clearinghouses around the world.
The FIA also announced the formation of a global Cyber Risk Taskforce to look at the ION event and develop recommendations for improvements to markets. This taskforce will focus on several areas including existing cyber protections and protocols, the effectiveness of the industry’s initial response, best practices around reconnection, and safeguards around third-party service providers. The FIA aims to release an initial report by the second quarter of the year.
Read more about it on the FIA website