The World Federation of Exchanges (WFE) on Friday published a set of principles around cyber resilience, intended to support and complement guidance already provided by global regulators.

“These considerations are intended to support ongoing compliance efforts, to ensure that markets are not only resilient, stable and robust, but also able to operate on a fair and safe playing field,” the WFE says, in a news release.

“They are intended as a prompt for further regulatory and industry discussion to ensure appropriate standards and expectations that fit the nuances of global markets operating in local jurisdictions.”

In addition to adhering to the existing guidance from regulators, the WFE says that industry-led initiatives should also be encouraged, and that regulators should co-operate with the industry to develop practical requirements.

“The industry needs strong and effective global standards to achieve fair, robust and resilient markets in which investors can have confidence. Regulators and [financial market infrastructure (FMIs)] need to continue to work hand-in-hand in implementing sensible and practical arrangements on a national level for the benefit of the wider system,” says Nandini Sukumar, CEO of the WFE.

“Given the universality of the issue and its systemic significance, it is promising to see global organizations and regulators playing such a key role in developing, fostering and promoting consistent industry-wide standards for FMIs,” adds Gavin Hill, head of regulatory affairs at the WFE.

“The WFE encourages standard setters and implementing authorities to engage closely with the industry, and to use the WFE’s high level principles when setting and implementing local requirements, to ensure they are sufficiently flexible and workable in the global context,” Hill says.