WFE forms global cyber security committee

SINGAPORE: The World Federation of Exchanges (WFE) has launched the exchange industry's first cyber security committee with a mission to help in the protection of global capital markets.

The working group would bring together representation from a number of exchanges and clearing houses across the globe to collaborate on best practices in global security, WFE said in a statement today.

It said the Cyber Security Working Group will be chaired by Mark Graff, Chief Information Security Officer, NASDAQ OMX, and vice-chaired by Jerry Perullo, Vice President, Information Security, IntercontinentalExchange (ICE).

The founding committee members include Australian Securities Exchange, BM&F Bovespa, CME Group, The Depository Trust & Clearing Corporation, ICE, International Securities Exchange, NASDAQ OMX, NYSE Euronext ICE, Saudi Stock Exchange, Singapore Exchange, SIX Swiss Exchange and Toronto Stock Exchange.

The Working Committee chairman, Ravi Narain said: "The creation of this committee group is a significant milestone for the global exchange community."

Noting that cyber security is a crucial issue to global markets and paramount to maintaining market integrity and resiliency, he said: "We are pleased with the positive collaboration in this committee, which will transcend competitors and regions in order to tackle key issues and present best practices.

"We believe that the formation will universally benefit the financial markets of the world," he said.

In addition to developing cyber security best practices, the Cyber Security Committee will focus on establishing a communication framework among participants based on mutual trust.

Apart from facilitating information sharing including threat intelligence, attack trends and useful policies, standards and technologies, it will also focus on enhancing dialogue with policymakers, regulators and government organisations on cyber threats for fair, transparent and efficient markets.

It will also focus on supporting improved defence against both external and internal cyber-based threats on the markets.

Meanwhile, Graff said: "I'm proud to be working with some of the brightest information security officers in the exchange industry around the world.

"We are tasked with a significant goal; to build universal best practices and partner with third-parties to combat systemic cyber abuse to ensure the resiliency and strength of our capital markets.

"I look forward to addressing this head on with the founding committee and new members alike."

WFE is the trade association for the operators of regulated financial exchanges.

With 62 members worldwide, it develops and promotes standards in markets, supporting reform in the regulation of OTC (over-the-counter) derivatives markets, international cooperation and coordination among regulators. -- BERNAMA

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