Exchange playbooks on outage protocols

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The EU financial market infrastructure is generally robust, stable and resilient. This reliability of trading systems is underpinned by the continuous investments of trading venues and market participants in their infrastructure, ensuring orderly trading, providing investors with the best possible service, and complying with the applicable regulatory requirements.

While trading venue outages are rare, they require an appropriate response. All FESE Members have procedures in place to do so. With the objective of a more harmonised framework in Europe that builds on the broad consensus in place, and to support market participants, FESE endorses the adoption of an industry-wide standard protocol to harmonise communication and outage procedures. The adoption of outage standard protocols would give the entire market and its participants the confidence, awareness and transparency needed in these exceptional, and incredibly rare, circumstances.

To contribute to this objective, FESE has agreed and published a set of principles for industry-wide standard protocols in equity, fixed income, and exchange-traded derivatives markets:

Since the publication of the principles, FESE Members have been developing and publishing their playbooks on outage protocols. These playbooks act as a summary, focused primarily on incident communication, of relevant sections of the complete operational frameworks maintained by all exchanges.

The table below serves as a centralised database of all the available playbooks.

ExchangeTitleLinkLatest publication date
Athens Stock ExchangePlaybooks on outage protocolsPlaybookMay 2022
Boerse StuttgartEmergency playbookPlaybookApril 2023
Budapest Stock ExchangeIncident management policy of Budapest Stock Exchange ltd.PlaybookJune 2022
Bulgarian Stock ExchangeEmergency Playbook – Incident Handling Standards and best practices defined by Bulgarian Stock ExchangePlaybookApril 2022
Cyprus Stock ExchangePlaybooks on outage protocolsNo link (hard copy available)May 2022
Deutsche BoerseEmergency Playbook Incident HandlingPlaybookAugust 2023
EuronextEuronext Playbook for incident managementPlaybookFebruary 2022
Luxembourg Stock ExchangeLuxSE Playbook for Incident ManagementPlaybookMay 2022
Nasdaq Nordic and Baltic ExchangesNasdaq playbook for incident managementPlaybookJune 2022
Prague Stock ExchangeEmergency playbook Prague Stock Exchange – Incident Management GuidePlaybookSeptember 2023
SIX Group BMEBME’s equity trading systems incident handling – Protocols and StandardsPlaybookMay 2022
SIX Swiss ExchangeEmergency and Outage Policy – A High-Level Summary of Procedures on SIX Swiss ExchangePlaybookNovember 2021
Wiener BoerseEmergency Playbook – Incident management guidePlaybookApril 2022
Warsaw Stock ExchangeEmergency Playbook Incident HandlingPlaybookJune 2022
Zagreb Stock ExchangeEmergency Playbook – Incident Management GuidePlaybookFebruary 2023