World Federation of Exchanges Launches Global Cyber Security Committee

The World Federation of Exchanges (WFE) announced the launch of the exchange industry’s first cyber security committee with a mission to aid in the protection of the global capital markets. The working group will bring together representation from a number of exchanges and clearinghouses across the globe, to collaborate on best practices in global security. 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).

According to a statement released at the WFE’s website on Thursday, the founding committee members include: Australian Securities Exchange, BM&FBOVESPA, CME Group,The Depository Trust & Clearing Corporation (DTCC), Deutsche Boerse, IntercontinentalExchange (ICE), International Securities Exchange (ISE), NASDAQ OMX, NYSE Euronext \ ICE, Saudi Stock Exchange, Singapore Exchange, SIX Swiss Exchange, and Toronto Stock Exchange.

“The creation of this committee group is a significant milestone for the global exchange community,” said Ravi Narain, Chairman of the Working Committee. “Cyber security is a crucial issue to global markets, and paramount for maintaining market integrity and resiliency. 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, and we believe that the formation will universally benefit the financial markets of the world.”

In addition to developing cyber security best practices, the Cyber Security Committee will focus on the following principles:

·          Establishing a communication framework among participants based on mutual trust;

·         Facilitating information sharing, including threat intelligence, attack trends, and useful policies, standards and technologies;

·         Enhancing dialogue with policy makers, regulators and government organizations on cyber threats for fair, transparent and efficient markets;

·         Supporting improved defenses from both external and internal cyber-based threats against the markets.

“I’m proud to be working with an array of some of the brightest information security officers who in the exchange industry around the world,” said Graff. “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.”