FIA Tech’s Trade Data Network (TDN) can now replicate and store trading activity at any exchange connected to TDN, boosting the operational resilience of the network in the event of an outage or cyberattack.
The TDN can now capture and replay five trading days of activity in under four hours for all clearing firms using the platform, a boon for the network designed to address fragmentation and a lack of transparency in exchange traded derivatives (ETD) post-trade processing.
FIA Tech president and CEO Nick Solinger said that while a week of trading activity would provide a good initial target performance level, “we believe there will be an industry wide dialogue on recovery time objectives from serious outages and incidents, and restoring systems and data is just one piece of the puzzle to be considered”.
Nonetheless, Solinger said the ability to capture and replay trading activity was a “significant technical milestone”, providing resilience against future systemic outages.
Solinger said the TDN is one part of a three-point plan to reduce fragmentation, the others being reference data standardisation and the creation of an end-to-end data model for post-trade processing.
As well as cyberattacks and outages, periods of unprecedented volatility in recent years and the pandemic itself created bottlenecks from the unavailability of staff at firms, Solinger said. “Operational resiliency planning must contemplate all these types of risks, and how to mitigate them when they occur,” Solinger added.
The TDN currently includes 16 banks/brokers and more than 40 investment managers and hedge funds with combined assets under management of over US$37 trillion.
©Markets Media Europe 2023
