[OR] [LSEG] [E3] [CBS] [1] [MPR] Map Processes and Resources

CBS-1 Exchange Trading Services

Operational resilience regulations require financial market infrastructures and exchange operators to identify, map, and maintain visibility over the processes and resources that support their critical business services (CBS).

For an exchange operator such as London Stock Exchange Group, the ability to sustain exchange trading services during operational disruptions is fundamental to market integrity, financial stability, investor confidence, and regulatory compliance.

The “Map Processes and Resources” activity establishes a structured understanding of how each sub-critical business service (Sub-CBS) is supported by operational processes, personnel, technology assets, third-party providers, and upstream/downstream dependencies.

This mapping enables the organisation to:

Identify operational vulnerabilities and concentration risks
Support impact tolerance assessments
Enable scenario testing and resilience validation
Improve incident response and recovery prioritisation
Strengthen governance and regulatory reporting obligations
Maintain continuity of market operations during disruptive events

For CBS-1 Exchange Trading Services, the mapping covers the end-to-end lifecycle of exchange trading operations, from participant onboarding and connectivity provisioning through order processing, execution, surveillance, clearing integration, cybersecurity protection, and continuity management.

The following table provides a detailed mapping of processes and supporting resources for each Sub-CBS under CBS-1 Exchange Trading Services.

Table P3: Map Processes and Resources for CBS-1

Sub-CBS Code	Sub-CBS	Processes	People	Technology (Applications and Infrastructure)	Third-Party Vendors	Upstream / Downstream Dependencies
1.1	Market Participant Onboarding and Membership Management	Membership application review, participant due diligence, onboarding approval, entitlement administration, membership renewal	Membership management team, compliance officers, onboarding analysts, and legal team	CRM systems, onboarding workflow platforms, document repositories, and identity management systems	KYC verification providers, digital identity vendors, legal screening providers	Upstream: participant applications, regulatory submissions; Downstream: account provisioning, trading access
1.2	Customer Identification and Regulatory Validation	KYC checks, AML screening, sanctions validation, and regulatory classification verification	Compliance analysts, AML officers, risk management team	AML systems, sanctions screening engines, and customer master databases	Regulatory data providers, sanctions list vendors, and identity verification services	Upstream: onboarding data; Downstream: account activation, compliance reporting
1.3	Trading Account Setup and Access Provisioning	User account creation, credential issuance, access entitlement management, MFA activation	Access management administrators, security administrators, exchange operations team	IAM platforms, authentication servers, privileged access management systems	MFA vendors, cybersecurity service providers	Upstream: onboarding approval; Downstream: trading connectivity access
1.4	Trading Platform Connectivity and Session Establishment	Network connectivity setup, session authentication, FIX session establishment, gateway monitoring	Network engineers, exchange connectivity specialists, and infrastructure support teams	FIX gateways, session management servers, low-latency networks, and co-location infrastructure	Telecom providers, colocation data centre providers, and network carriers	Upstream: access provisioning; Downstream: order entry processing
1.5	Instrument and Product Configuration Management	Product listing setup, instrument configuration, trading parameter management, and market configuration updates	Product management teams, exchange administrators, and market operations	Instrument master databases, configuration management platforms, and product administration systems	Market data vendors, financial instrument reference providers	Upstream: issuer/product approvals; Downstream: market data dissemination, trading execution
1.6	Market Data Feed Distribution and Synchronisation	Market data aggregation, feed publishing, multicast distribution, timestamp synchronisation	Market data operations team, infrastructure engineers	Market data distribution platforms, multicast infrastructure, time synchronisation servers, CDN infrastructure	Data distribution providers, NTP/PTP timing vendors	Upstream: matching engine outputs; Downstream: trading participants, analytics systems
1.7	Order Entry and Capture Processing	Order submission validation, order capture, acknowledgement generation, message sequencing	Exchange trading operations, platform support engineers	Order management systems, FIX engines, message queue platforms, API gateways	Messaging middleware vendors	Upstream: participant connectivity; Downstream: risk validation and matching engine
1.8	Pre-Trade Risk and Control Validation	Credit limit checks, fat-finger validation, order throttling, and regulatory risk checks	Risk officers, trading risk analysts, and exchange control teams	Real-time risk engines, surveillance systems, rules engines	Risk analytics vendors	Upstream: order entry; Downstream: matching engine processing
1.9	Order Routing and Matching Engine Processing	Order prioritisation, routing logic execution, matching algorithm processing, and order book management	Exchange platform engineers, trading systems administrators	Matching engines, ultra-low latency compute infrastructure, high-performance databases	Hardware vendors, high-performance infrastructure providers	Upstream: validated orders; Downstream: trade execution processing
1.10	Trade Execution Processing	Trade confirmation generation, execution reporting, execution timestamping	Trade operations teams, market operations personnel	Execution management systems, trade capture systems, transaction databases	Time synchronisation providers	Upstream: matching engine; Downstream: clearing and settlement systems
1.11	Trading Session and Market State Management	Market open/close administration, auction management, trading halt management, session controls	Market controllers, exchange operations managers	Market control consoles, session state management systems	Infrastructure hosting providers	Upstream: regulatory directives, market operations; Downstream: market participants, surveillance systems
1.12	Market Surveillance and Trade Monitoring	Market abuse detection, trade monitoring, behavioural analytics, alert investigation	Surveillance analysts, compliance investigators, and regulatory liaison officers	Surveillance platforms, analytics engines, and AI/ML monitoring tools	Regulatory technology providers, analytics vendors	Upstream: trade and order data; Downstream: regulatory escalation and enforcement
1.13	Exception Handling and Trade Intervention Management	Trade cancellation review, error trade management, and operational incident handling	Market supervision teams, incident managers, and compliance officers	Incident management systems, trade intervention consoles	ITSM vendors	Upstream: surveillance alerts, operational incidents; Downstream: participant notifications, compliance actions
1.14	Circuit Breaker and Volatility Control Administration	Volatility threshold monitoring, market suspension management, automated halt triggers	Market risk teams, exchange operations management	Volatility monitoring engines, automated control systems	Market analytics vendors	Upstream: market activity data; Downstream: market state management
1.15	Clearing and Settlement Integration Processing	Trade transmission, post-trade reconciliation, settlement messaging	Post-trade operations teams, reconciliation analysts	Clearing gateways, SWIFT messaging platforms, and reconciliation systems	Central counterparties (CCPs), custodians, settlement networks	Upstream: executed trades; Downstream: clearing houses, settlement institutions
1.16	Regulatory Reporting and Compliance Monitoring	Transaction reporting, audit trail generation, compliance monitoring, and regulatory submission	Regulatory reporting specialists, compliance teams, and legal officers	Reporting platforms, regulatory databases, and audit logging systems	Regulatory reporting vendors, regtech providers	Upstream: trade data, surveillance systems; Downstream: regulators and supervisory authorities
1.17	Reference Data and Master Data Administration	Security master maintenance, participant reference data management, and data quality validation	Data governance teams, master data administrators	Master data management platforms, metadata repositories	Financial data providers, reference data vendors	Upstream: issuer and participant data; Downstream: trading, surveillance, reporting systems
1.18	Cybersecurity Monitoring and Trading Infrastructure Protection	Threat detection, SIEM monitoring, vulnerability management, DDoS protection	SOC analysts, cybersecurity engineers, threat intelligence teams	SIEM platforms, firewalls, IDS/IPS systems, endpoint detection tools	Managed security service providers, DDoS mitigation providers	Upstream: infrastructure telemetry; Downstream: incident response and continuity operations
1.19	Business Continuity and Exchange Recovery Operations	Disaster recovery activation, failover management, crisis communications, resilience testing	BCM teams, disaster recovery coordinators, and executive crisis management teams	DR data centres, backup systems, resilience orchestration platforms	DR site providers, cloud recovery vendors	Upstream: operational incidents; Downstream: restored exchange operations
1.20	Trading Analytics and Operational Performance Reporting	KPI monitoring, operational reporting, capacity analysis, performance analytics	Business analysts, operational reporting teams, and senior management	BI platforms, analytics dashboards, data warehouses	Analytics service providers, cloud reporting platforms	Upstream: operational and trading data; Downstream: management reporting and strategic planning

The mapping of processes and resources for CBS-1 Exchange Trading Services provides London Stock Exchange Group with a comprehensive operational view of the interdependencies supporting its exchange trading operations.

The mapping demonstrates how critical exchange services rely on tightly integrated people, processes, technology platforms, third-party providers, and external market infrastructures.

This level of visibility is essential for operational resilience compliance because it enables the organisation to identify single points of failure, assess concentration risks, prioritise recovery activities, and validate resilience capabilities through scenario testing exercises.

In particular, the mapping supports the organisation’s ability to maintain orderly market operations during cyber incidents, infrastructure failures, technology outages, third-party disruptions, and extreme market volatility events.

By maintaining accurate, continuously updated process-resource mappings, LSEG can strengthen governance, improve incident response effectiveness, support regulatory obligations, and enhance its ability to remain within defined impact tolerances for critical exchange trading services.

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CBS-1 Exchange Trading Services
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