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WFE establishes global cyber security committee

The World Federation of Exchanges (WFE) has established a cyber security committee with a strategy to strengthen protection of global capital markets from impending cyber attacks that could adversely affect financial systems worldwide.

The committee, known as The Cyber Security Working Group, will identify and communicate global information security best practices in the protection of market infrastructures.

Nasdaq OMX chief information security officer Mark Graff will chair the committee, while IntercontinentalExchange (ICE) information security vice president Jerry Perullo will be vice-chair.

The working group will bring together representation from a number of exchanges and clearinghouses across the globe, and its founding members include Australian Securities Exchange, BM&FBOVESPA, CME Group, and The Depository Trust & Clearing Corporation (DTCC).

Other founding members include Deutsche Boerse, IntercontinentalExchange (ICE), International Securities Exchange (ISE), Nasdaq OMX, NYSE EuronextICE, Saudi Stock Exchange, Singapore Exchange, SIX Swiss Exchange and Toronto Stock Exchange.

Working Committee chairman Ravi Narain said that 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," Narain added.