Page 15 - 期货和衍生品行业监管动态（2023年12月刊）

期货和衍生品行业监管动态

 Implement a communication plan, which provides, through an appropriate

communication channel, initial notice (as soon as possible) of the outage, and,

thereafter, with regular updates on the status of the outage and the recovery

pathway;

 Communicate information relevant to the reopening of trading in a timely and

simultaneous manner to all market participants, providing clarity on the status

of their orders and ensuring they receive an adequate period of notice before

the resumption of trading;

 Ensure the processes and procedures that trading venues will follow to operate

a closing auction and/or to establish alternative closing prices are published

in the outage plan and communicated to all market participants during an

outage; and

 Conduct and share with the relevant regulators a lessons-learnt exercise of the
market outage and adopt a post-outage plan, with clearly defined timelines

and allocation of responsibilities for remediation, designed to reduce the

likelihood of future incidents and to improve the ability of the trading venue

to effectively respond to outages.

These good practices aim to assist regulators, trading venues and market

participants in preparing for, and managing, future market outages and thereby helping

improve market-wide resilience.

While the Consultation Report focuses on equities listing trading venues, the

findings are also relevant to other trading venues, including non-listing trading venues

and derivatives trading venues.

Isadora Tarola, Chair of the IOSCO Committee on Regulation of Secondary

Markets (Committee 2), said:

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