FIA Tech Runs Successful Data Recovery Test

FIA Tech says it has successfully completed a stress test, demonstrating the ability to securely capture and replay five trading days of activity in under four hours for all existing clearing firms using the platform.

The successful test means, FIA Tech says, firms utilising its Trade Data Network (TDN) can now securely replicate and store all trading activity at any exchange connected to it, in support of a quicker recovery in the event of a systemic outage such as a cyberattack or technology failure.

The TDN is an initiative to provide a shared ledger of trading information to address the fragmentation and lack of transparency in exchange traded derivatives’ post-trade processing. The initiative currently includes 16 banks/brokers and over 40 investment managers and hedge funds with combined assets under management of over $37 trillion, FIA Tech says.

The initial rollout of TDN is focused on allocations processing and trade confirmations, with trade lifecycle transparency across the multiple brokers and the clearinghouse on each trade. Adding capability and scalability to support the operational resiliency needs of firms was a natural extension of the platform, FIA Tech says.

“We designed TDN to scale to the global needs of clearing firms and their clients, and are pleased to reach this significant technical milestone,” says Nick Solinger, president and CEO of FIA Tech. “Working with our clearing firms and connected exchanges, we hope to provide comprehensive solutions for resilience against systemic outages in the future. We look forward to working with the industry on best practices to further mitigate risk.”