[OR] [LSEG] [E3] [CBS] [2] [MIIC] Map Interconnects

CBS-2 Market Data Distribution Services

Market Data Distribution Services is a critical business service provided by London Stock Exchange Group (LSEG), supporting the efficient functioning of global financial markets by delivering accurate, timely, and reliable market information to trading firms, financial institutions, regulators, market participants, and investors.

The service enables market transparency, price discovery, trading execution, risk management, regulatory compliance, and investment decision-making across multiple jurisdictions and asset classes.

Operational resilience regulations issued by central banks, securities regulators, and financial supervisory authorities require organisations to understand not only the resources supporting a Critical Business Service but also how those resources are interconnected.

Mapping interconnections provides visibility into the flow of information, activities, communications, and interactions among systems, processes, people, facilities, and external entities that collectively enable service delivery. It helps organisations understand how disruptions may propagate through the operating environment and affect service delivery.

For CBS-2 Market Data Distribution Services, the interconnection landscape is extensive and highly dynamic. platforms for validation, transformation, processing, aggregation, enrichment, entitlement, publication, and distribution

Market data originates from numerous exchanges, trading venues, and external sources, then passes through a series of platforms for validation, transformation, processing, aggregation, enrichment, entitlement, publication, and distribution.

These platforms are interconnected through sophisticated technology infrastructures, telecommunications networks, cloud environments, cybersecurity controls, monitoring systems, operational teams, and governance functions.

Every interaction within this ecosystem contributes to the continuous delivery of market data services to customers worldwide.

The purpose of this chapter is to identify and document the key interconnections supporting the twenty sub-Critical Business Services that comprise CBS-2 Market Data Distribution Services.

The mapping illustrates how operational components interact across the end-to-end service delivery chain, enabling LSEG to identify potential concentration risks, communication pathways, operational bottlenecks, and critical connection points.

This information forms an essential foundation for impact tolerance assessments, scenario testing, service recovery planning, cyber resilience assessments, and ongoing operational resilience governance.

Table P2: Map Interconnects for CBS-2

Sub-CBS Code	Sub-CBS Name	Connected Component	Connection Type	Interconnection Description	Upstream Connection	Downstream Connection	Criticality
2.1	Market Data Source Acquisition and Feed Collection	Exchanges, Trading Venues, ECNs	Data Flow	Receives raw market data feeds from multiple trading venues and marketplaces	External Exchanges	Validation Services (2.2)	High
2.1	Market Data Source Acquisition and Feed Collection	Telecommunications Networks	Network Connectivity	Supports transmission of inbound market data feeds	Telecom Providers	Feed Handler Platforms	High
2.2	Market Data Validation and Quality Verification	Feed Collection Systems	System Integration	Receives collected market data for quality checks and validation	Feed Collection (2.1)	Data Transformation (2.3)	High
2.2	Market Data Validation and Quality Verification	Market Data Operations Team	Operational Interaction	Reviews alerts, anomalies, and validation exceptions	Monitoring Systems	Exception Management (2.15)	Medium
2.3	Market Data Normalisation and Data Transformation	Validation Engines	Application Integration	Receives validated market data for standardisation	Validation (2.2)	Reference Data Association (2.4)	High
2.3	Market Data Normalisation and Data Transformation	Transformation Platforms	Data Processing	Converts multiple formats into standard market data models	Internal Systems	Tick Processing (2.5)	High
2.4	Instrument and Reference Data Association	Security Master Database	Data Integration	Associates instruments with reference data attributes	Reference Data Repository	Tick Processing (2.5)	High
2.4	Instrument and Reference Data Association	External Reference Data Vendors	External Data Exchange	Receives security identifiers and instrument information	Vendors	Data Enrichment (2.7)	High
2.5	Real-Time Tick Data Processing	Data Transformation Services	Event Processing	Processes real-time market events and updates	Transformation (2.3)	Aggregation (2.6)	High
2.5	Real-Time Tick Data Processing	High-Performance Computing Platforms	Infrastructure Connection	Supports ultra-low-latency processing of market events	Data Centres	Distribution Services (2.9)	High
2.6	Market Data Aggregation and Consolidation	Tick Processing Engines	Data Consolidation	Aggregates multiple market data streams into unified feeds	Tick Processing (2.5)	Enrichment (2.7)	High
2.6	Market Data Aggregation and Consolidation	Consolidation Platforms	Application Integration	Combines data from multiple exchanges and sources	Multiple Data Sources	Publication Services (2.9)	High
2.7	Data Enrichment and Analytics Processing	Aggregated Market Data	Data Processing	Enhances data using analytics, benchmarks and calculations	Aggregation (2.6)	Entitlement Services (2.8)	High
2.7	Data Enrichment and Analytics Processing	Benchmark and Index Services	External Data Exchange	Integrates benchmark and index information	Third-Party Providers	Distribution Services (2.9)	Medium
2.8	Entitlement and Subscriber Access Management	Subscriber Database	System Integration	Maintains customer permissions and subscriptions	Customer Management Systems	Distribution Platform (2.9)	High
2.8	Entitlement and Subscriber Access Management	Identity and Access Management Platform	Security Connectivity	Validates user and subscriber access rights	IAM Services	API Services (2.11)	High
2.9	Data Feed Publication and Distribution	Entitlement Systems	Service Integration	Publishes authorised market data feeds	Entitlements (2.8)	Delivery Networks (2.10)	High
2.9	Data Feed Publication and Distribution	Distribution Nodes	Network Connectivity	Disseminates data to global customers and channels	Internal Networks	Customer Channels (2.14)	High
2.10	Low-Latency Data Delivery and Network Routing	WAN and Carrier Networks	Network Routing	Delivers market data through low-latency communication paths	Distribution Services (2.9)	Customer Connectivity (2.14)	High
2.10	Low-Latency Data Delivery and Network Routing	Routing Infrastructure	Infrastructure Connectivity	Routes data traffic to subscribers globally	Network Operations	API Connectivity (2.11)	High
2.11	API Gateway and Connectivity Services	API Gateway Platforms	Application Connectivity	Provides API access to market data consumers	Authentication Services	External Customers	High
2.11	API Gateway and Connectivity Services	Authentication Platforms	Security Integration	Authenticates customer and application access	IAM Services	API Consumers	High
2.12	Market Data Synchronisation and Time Management	Precision Time Services	Infrastructure Synchronisation	Synchronises timestamps across market data systems	GPS/PTP Sources	All Processing Systems	High
2.12	Market Data Synchronisation and Time Management	Trading Platforms	Timing Coordination	Ensures accurate event sequencing and timestamps	Exchanges	Regulatory Monitoring (2.18)	High
2.13	Historical Data Capture and Archiving	Distribution Platforms	Data Capture	Captures distributed market data for archival purposes	Distribution (2.9)	Historical Repositories	Medium
2.13	Historical Data Capture and Archiving	Storage Infrastructure	Infrastructure Connectivity	Stores historical market data records	Storage Systems	Customer Retrieval Services	Medium
2.14	Customer Delivery Channel Integration	Data Distribution Platforms	Service Integration	Delivers market data through customer channels	Distribution (2.9)	Customer Platforms	High
2.14	Customer Delivery Channel Integration	Customer Applications	External Connectivity	Supports integration with customer systems and trading platforms	External Customers	Service Monitoring (2.16)	High
2.15	Exception Handling and Data Recovery Management	Monitoring Platforms	Event Management	Receives exception alerts and processing failures	Monitoring (2.16)	Incident Response (2.17)	High
2.15	Exception Handling and Data Recovery Management	Recovery Systems	Recovery Connectivity	Supports the correction and restoration of data services	Backup Systems	Publication Services (2.9)	High
2.16	Market Data Monitoring and Performance Surveillance	All CBS Components	Monitoring Connectivity	Monitors health, performance and availability across services	All Operational Systems	Incident Management (2.17)	High
2.16	Market Data Monitoring and Performance Surveillance	NOC and Operations Teams	Operational Interaction	Escalates alerts and performance issues	Monitoring Tools	Support Teams	High
2.17	Incident Response and Service Restoration	Monitoring Platforms	Event Response	Receives alerts requiring coordinated response	Monitoring (2.16)	Recovery Systems	High
2.17	Incident Response and Service Restoration	Crisis Management Teams	Operational Coordination	Coordinates restoration activities across affected functions	Multiple Teams	Business Continuity (2.20)	High
2.18	Regulatory Reporting and Data Compliance Monitoring	Market Data Systems	Compliance Monitoring	Monitors regulatory obligations related to data services	Operational Systems	Regulators	Medium
2.18	Regulatory Reporting and Data Compliance Monitoring	Regulatory Authorities	Information Exchange	Submits compliance and operational reports	Compliance Function	External Authorities	Medium
2.19	Cybersecurity Monitoring for Data Infrastructure	Security Monitoring Platforms	Security Connectivity	Monitors threats across market data infrastructure	Infrastructure Components	Incident Response (2.17)	High
2.19	Cybersecurity Monitoring for Data Infrastructure	Security Operations Centre (SOC)	Operational Interaction	Investigates and responds to cyber threats	Security Monitoring	Crisis Management Teams	High
2.20	Business Continuity and Resilience Administration	All CBS Components	Governance Connectivity	Provides resilience oversight across the service lifecycle	Operational Functions	Senior Management	High
2.20	Business Continuity and Resilience Administration	Crisis Management Framework	Governance Integration	Coordinates resilience, recovery and continuity activities	Incident Response (2.17)	Executive Management	High

Explanatory Notes for Map Interconnections Fields

Field	Explanation
Connected Component	The system, application, process, team, facility, third-party service provider, external organisation, infrastructure component, or data source that is connected to and interacts with the Sub-CBS. The Connected Component represents the entity through which information, activities, communications, or transactions flow. Examples include trading venues, market data platforms, network providers, customer systems, operational teams, or regulatory authorities.
Connection Type	Describes the nature of the interaction or linkage between the Sub-CBS and the Connected Component. This field helps categorise how the connection operates. Common connection types include: Data Flow (exchange of information), Network Connectivity (communications infrastructure), Application Integration (system-to-system interaction), Operational Interaction (human or team collaboration), Security Integration (authentication or cybersecurity controls), Governance Connectivity (management oversight), and Infrastructure Connectivity (technology or facility support).
Interconnection Description	A detailed explanation of how the Sub-CBS and Connected Component interact and support one another in delivering the Critical Business Service. The description should clearly identify the operational relationship, the purpose of the connection, the information or activities exchanged, and the role the connection plays within the end-to-end service delivery process. This field provides the business context necessary to understand operational resilience risks and potential impacts of disruption.
Upstream Connection	Identifies the preceding system, process, team, facility, or external entity that provides inputs, data, services, resources, or triggers required by the Sub-CBS. Upstream connections are the sources that the Sub-CBS depends on to perform its function. Understanding upstream connections helps organisations identify where disruptions may originate and how failures can propagate through the service delivery chain. Examples include exchanges that supply market data, reference data providers, authentication services, and earlier stages of processing within the workflow.

Recommended Regulatory Fields for Interconnection Mapping

Field	Description
Interconnection ID	Unique identifier for each interconnection
Source Component	Originating system, process, function, facility or external entity
Target Component	Receiving system, process, function, facility or external entity
Connection Category	Data, Process, Technology, People, Facility, Third Party
Connection Type	Data Flow, Communication, Network, Application, Operational, Governance
Connectivity Method	API, Network, File Transfer, Manual Process, Messaging Bus
Frequency of Interaction	Real-Time, Near Real-Time, Daily, Weekly, On-Demand
Criticality Rating	High, Medium, Low
Failure Impact	Service degradation resulting from connection failure
Alternative Connection Available	Yes / No
Single Point of Failure	Yes / No
Monitoring Mechanism	Method used to monitor the connection
Recovery Procedure Reference	Recovery or failover documentation reference
Connection Owner	Responsible business or technology owner
Last Validation Date	Most recent review date
Regulatory Reference	Relevant operational resilience requirement

The interconnection mapping for CBS-2 Market Data Distribution Services demonstrates the highly integrated nature of the operational environment required to deliver market data services across global financial markets.

The analysis highlights numerous connections among market data sources, processing platforms, distribution networks, customer delivery channels, operational teams, monitoring systems, cybersecurity functions, and resilience management capabilities.

Together, these interconnected components form the operational ecosystem that enables LSEG to provide continuous, accurate, and timely market information to its customers.

By documenting these interconnections, LSEG gains a clearer understanding of how information flows through the service lifecycle, how operational activities are coordinated, and how disruptions in one component may affect other connected components.

This visibility is essential for identifying critical connection points, assessing systemic vulnerabilities, detecting potential single points of failure, and understanding how disruption scenarios could cascade across the service delivery chain.

The interconnection map also provides valuable input to operational resilience activities, including severe-but-plausible scenario testing, impact tolerance validation, resilience control assessments, cyber resilience evaluations, third-party risk reviews, and service restoration planning.

As technology architectures, market infrastructures, customer requirements, and regulatory expectations continue to evolve, the interconnection mapping should be reviewed and updated regularly to ensure it accurately reflects the current operating environment.

Ultimately, maintaining an accurate and comprehensive view of interconnections strengthens LSEG's ability to anticipate disruptions, respond effectively to incidents, recover services within approved tolerances, and continue delivering resilient market data services that support the stability, transparency, integrity, and confidence of global financial markets.

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