[OR] [LSEG] [E3] [CBS] [1] [MD] Map Dependency

Written by Moh Heng Goh | May 26, 2026 2:42:18 AM

CBS-1 Exchange Trading Services

For a financial market infrastructure organisation such as London Stock Exchange Group, dependency mapping is a critical component of operational resilience.

The Critical Business Service (CBS) “CBS-1 Exchange Trading Services” relies on a highly interconnected ecosystem of people, operational processes, technology platforms, cybersecurity controls, market participants, regulators, and third-party service providers.

Mapping these interconnections and interdependencies enables the organisation to identify concentration risks, operational vulnerabilities, single points of failure, and cascading impacts that may affect the continuity of trading services.

In accordance with operational resilience principles, dependency mapping supports identifying internal and external relationships necessary to deliver exchange trading services within impact tolerance thresholds.

The following dependency mapping table outlines the key dependencies supporting each Sub-CBS within CBS-1 Exchange Trading Services and explains how these dependencies interact with the broader exchange ecosystem.

Table P2: Map Dependency for CBS-1

Sub-CBS Code	Sub-CBS	Dependency Type	Dependency Detail (What/Who is involved)	Connectivity (How it connects/interacts with the CBS or other components)
1.1	Market Participant Onboarding and Membership Management	People	Membership operations teams, compliance officers, and relationship managers	Coordinates onboarding activities with legal, compliance, trading access, and regulatory systems
		Process	Membership approval workflow and due diligence procedures	Interfaces with KYC validation, risk assessment, and account provisioning processes
		Technology	CRM platforms, onboarding portals, and identity verification systems	Exchanges onboarding data with customer databases and trading access systems
		Third Party	External identity verification vendors and regulatory databases	Provides external verification and sanctions screening connectivity
1.2	Customer Identification and Regulatory Validation	People	AML analysts, compliance teams, regulatory specialists	Reviews and validates participant compliance before market access approval
		Process	KYC, AML, sanctions screening, regulatory eligibility verification	Supports onboarding and ongoing compliance monitoring
		Technology	Compliance screening engines and regulatory databases	Connects with onboarding systems and reporting platforms
		Third Party	Government databases, sanctions list providers, and identity verification services	Supplies authoritative validation and screening information
1.3	Trading Account Setup and Access Provisioning	People	Access administrators and security administrators	Configures participant access permissions and entitlements
		Process	User provisioning and entitlement management workflow	Enables authenticated access to trading systems
		Technology	IAM systems, MFA systems, directory services	Integrates with trading gateways and security controls
		Third Party	External authentication providers and certificate authorities	Supports identity validation and secure connectivity
1.4	Trading Platform Connectivity and Session Establishment	People	Network engineers and exchange connectivity specialists	Supports participant connectivity and session troubleshooting
		Process	Session establishment, connectivity testing, and failover validation	Maintains stable participant access to exchange platforms
		Technology	FIX gateways, trading APIs, low-latency networks, and session management servers	Connects market participants to core exchange infrastructure
		Third Party	Telecommunications carriers and internet service providers	Provides external network connectivity and data transmission
1.5	Instrument and Product Configuration Management	People	Product managers and market operations teams	Manages tradable instruments and market product configurations
		Process	Product setup, parameter management, lifecycle management	Supports accurate trading configuration across systems
		Technology	Product master databases and configuration management systems	Synchronises trading instrument data across platforms
		Third Party	External market data and issuer information providers	Supplies reference data for listed instruments
1.6	Market Data Feed Distribution and Synchronisation	People	Market data operations teams and infrastructure support teams	Oversees feed quality and latency management
		Process	Real-time data dissemination and synchronisation procedures	Delivers accurate market data to participants and downstream systems
		Technology	Multicast networks, market data distribution platforms, and time synchronisation systems	Connects matching engines to subscribers and analytics systems
		Third Party	Market data vendors and connectivity providers	Redistributes exchange data externally
1.7	Order Entry and Capture Processing	People	Trading operations teams and technical support teams	Monitors order intake and resolves transaction issues
		Process	Order validation and transaction capture workflow	Initiates trading lifecycle processing
		Technology	Order management systems and message queuing platforms	Routes participant orders into matching systems
		Third Party	Participant trading systems and broker platforms	Submits orders to the exchange gateways
1.8	Pre-Trade Risk and Control Validation	People	Risk analysts and market supervision teams	Reviews trading controls and exposure thresholds
		Process	Fat-finger checks, credit validation, exposure monitoring	Prevents invalid or excessive trading activity
		Technology	Real-time risk engines and limit management systems	Intercepts orders before matching engine submission
		Third Party	External risk monitoring providers	Supports independent market risk assessment
1.9	Order Routing and Matching Engine Processing	People	Exchange platform engineers and market operations personnel	Oversees matching engine performance and stability
		Process	Order prioritisation, routing, and execution matching logic	Core execution process supporting continuous trading
		Technology	Matching engines, low-latency compute infrastructure, high-speed networks	Executes buy and sell order matching
		Third Party	Colocation service providers and hardware vendors	Provides hosting and infrastructure support
1.10	Trade Execution Processing	People	Trading operations and exchange control teams	Validates completed executions and transaction integrity
		Process	Trade confirmation and execution processing workflow	Finalises matched transactions for downstream processing
		Technology	Execution engines and trade processing systems	Publish execution results to participants and clearing systems
		Third Party	Broker participants and post-trade providers	Receives execution confirmations
1.11	Trading Session and Market State Management	People	Market controllers and exchange supervision teams	Controls market open, close, halt, and auction states
		Process	Market scheduling and session transition procedures	Coordinates exchange operational states
		Technology	Market state management systems and trading calendars	Synchronises session states across all trading platforms
		Third Party	Regulators and market participants	Receives market state notifications and directives
1.12	Market Surveillance and Trade Monitoring	People	Surveillance analysts and compliance investigators	Investigates suspicious trading activity
		Process	Market abuse monitoring and alert investigation procedures	Supports regulatory oversight and market integrity
		Technology	Surveillance analytics platforms and alert engines	Analyses trade patterns and behavioural anomalies
		Third Party	Regulatory authorities and surveillance vendors	Supports reporting and advanced analytics
1.13	Exception Handling and Trade Intervention Management	People	Exchange operations teams and incident managers	Manages operational incidents and manual interventions
		Process	Incident escalation and trade intervention workflow	Resolves abnormal trading conditions
		Technology	Incident management systems and operational dashboards	Provides visibility into trade exceptions
		Third Party	Participant support channels and service providers	Coordinates resolution activities externally
1.14	Circuit Breaker and Volatility Control Administration	People	Market supervision teams and risk controllers	Authorises market halts and volatility interventions
		Process	Volatility monitoring and trading halt procedures	Protects orderly market operations
		Technology	Automated circuit breaker engines and monitoring platforms	Triggers protective trading controls
		Third Party	Regulators and market oversight bodies	Coordinates regulatory notification and approvals
1.15	Clearing and Settlement Integration Processing	People	Post-trade operations teams and settlement specialists	Oversees trade settlement integration activities
		Process	Trade enrichment, netting, and settlement instruction processing	Transfers executed trades to clearing houses
		Technology	Clearing gateways and settlement messaging systems	Connects exchange execution systems to the CCP infrastructure
		Third Party	Central counterparties, custodians, settlement banks	Executes financial settlement and clearing obligations
1.16	Regulatory Reporting and Compliance Monitoring	People	Regulatory reporting officers and compliance managers	Oversees reporting obligations and compliance reviews
		Process	Transaction reporting and compliance monitoring procedures	Submits required reports to authorities
		Technology	Regulatory reporting engines and compliance monitoring tools	Aggregates and transmits trading data
		Third Party	Financial regulators and reporting repositories	Receives regulatory submissions
1.17	Reference Data and Master Data Administration	People	Data governance teams and reference data administrators	Maintains data quality and consistency
		Process	Data maintenance and reconciliation procedures	Supports accurate trading and reporting operations
		Technology	Master data management systems and reference databases	Supplies validated data to downstream platforms
		Third Party	External data vendors and issuers	Provides external reference data sources
1.18	Cybersecurity Monitoring and Trading Infrastructure Protection	People	Cybersecurity analysts and SOC personnel	Monitors cyber threats affecting exchange systems
		Process	Threat detection, vulnerability management, and incident response	Protects trading infrastructure and participant connectivity
		Technology	SIEM platforms, firewalls, endpoint security, and DDoS protection	Monitors and protects the exchange infrastructure
		Third Party	Managed security service providers and threat intelligence providers	Supplies monitoring, intelligence, and external protection
1.19	Business Continuity and Exchange Recovery Operations	People	Crisis management teams and disaster recovery coordinators	Directs recovery and continuity operations
		Process	DR activation, failover testing, and continuity management procedures	Maintains exchange operations during disruption events
		Technology	Secondary data centres, backup platforms, replication systems	Enables recovery of trading services
		Third Party	Recovery site providers and cloud infrastructure providers	Supports alternate processing capabilities
1.20	Trading Analytics and Operational Performance Reporting	People	Operations analysts and business intelligence teams	Monitors operational KPIs and market performance
		Process	Operational reporting and performance analytics procedures	Supports management oversight and decision-making
		Technology	Analytics platforms, data warehouses, and dashboard tools	Aggregates exchange operational and trading metrics
		Third Party	External analytics vendors and benchmarking providers	Supplies market benchmarking and analytical insights

The dependency mapping for CBS-1 Exchange Trading Services demonstrates the extensive operational interconnections required to support resilient exchange trading operations within the London Stock Exchange Group.

The delivery of trading services depends not only on core trading technologies and operational processes, but also on specialised personnel, cybersecurity controls, external connectivity providers, market participants, clearing institutions, and regulatory authorities.

By identifying and documenting these dependencies, the organisation strengthens its ability to assess operational vulnerabilities, monitor concentration risks, evaluate third-party exposures, and implement effective resilience controls.

This mapping exercise also supports scenario testing, recovery planning, incident response coordination, and regulatory compliance obligations under operational resilience frameworks.

Ultimately, comprehensive dependency mapping enhances the organisation’s capability to maintain critical trading services during severe but plausible disruption scenarios while protecting market integrity and financial stability.

eBook 3: Starting Your OR Implementation
CBS-1 Exchange Trading Services
CBS-1 DP	CBS-1 MD	CBS-1 MPR	CBS-1 ITo	CBS-1 SbPS	CBS-1 ST

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