The World Federation of Exchanges (WFE) has launched an industry cyber security committee, with the goal to protect global capital markets.
The Cyber Security Working Group will bring together representation from a number of exchanges and clearing houses worldwide to outline best practice in global security.
Cyber crime has become a major talking point, as organisations face an increase of frequent and sophisticated attacks. Global derivatives market operator CME Group, for example, last month confirmed it was the victim of an attack in July, with client information on its OTC clearing service platform affected.
The WFE’s 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&FBOVESPA, CME Group, the Depository Trust and Clearing Corporation, IntercontinentalExchange, International Securities Exchange, NASDAQ OMX, NYSE Euronext ICE, Saudi Stock Exchange, Singapore Exchange, SIX Swiss Exchange, and the 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."
The committee will also focus on establishing a communication framework among participants, facilitating information sharing, including threat intelligence, increasing dialogue with policy markers, and improving defenses.