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Credit: Supplied
The Financial Markets Authority has accomplished a evaluation of the NZX’s know-how capabilities and located it has complied with its obligations.
After the share market operator suffered a extremely disruptive denial of service attack in 2020 the regulator discovered it had failed to fulfill its licensed market operator obligations as a result of inadequate know-how sources.
The assault was described as “foreseeable” whereas the NZX’s disaster administration planning and procedures had been described as “basic”.
The market regulator undertook a evaluation of the NZX’s know-how capabilities throughout its individuals, processes, and platforms and the NZX subsequently developed and labored by means of an motion plan to handle the findings of that evaluation.
The FMA reported right now it had met with and obtained reporting from the NZX through the newest evaluation interval concerning its continued know-how uplift because the preliminary motion plan was accomplished.
“At that time, it was communicated to NZX that we considered the uplift in its technology capability as a continuing journey that did not end once the initial action plan elements had been completed,” the regulator stated in a report launched right now.
“We noted that in order to meet its obligation to have sufficient technology resources to operate its markets, NZX should follow an approach of continuous improvement and uplift in its technology capability in 2022 and onwards.”
The reporting obtained from NZX through the newest evaluation interval demonstrated ongoing progress in varied areas of know-how functionality, together with governance, conformance requirements, testing, cyber safety, catastrophe restoration, threat administration, and incident response.
The FMA additionally met with administration through the interval to debate key initiatives and progress on this house.
“We consider that NZX has continued to mature its technology capability to support compliance with its market operator obligations, and has not taken a ‘set-and-forget’ approach following completion of the action plan,” it reported.
In explicit there had been continued engagement with business all through the interval to make sure the broader capital markets ecosystem was introduced on the journey.
Investment continued to be made into uplifting know-how functionality, significantly within the areas of structure governance and testing.
Cyber safety continued to be embedded as a business-as-usual exercise, constructing new functionality on a steady foundation and together with worldwide risk scanning.
Further areas for ongoing growth and uplift had been being recognized and prioritised appropriately by NZX, the FMA concluded.
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