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To improve market-wide resilience in the event of outages, this Report proposes that listing trading venues consider adopting the following good practices:
- Establish and publish an outage plan;
- Implement a communication plan;
- Communicate information relevant to the reopening of trading in a timely and simultaneous manner to all market participants, providing clarity on the status of orders and ensuring an adequate period of notice before the resumption of trading.
- Ensure the processes and procedures that trading venues will follow to operate a closing auction and/or to establish alternative closing prices are published in the outage plan and communicated to all market participants during an outage.
- Conduct and share with the relevant regulators a lessons-learnt exercise of the market outage and adopt a post-outage plan, with clearly defined timelines and allocation of responsibilities for remediation, designed to reduce the likelihood of future incidents and to improve the ability of the trading venue to effectively respond to outages. The lessons learnt exercise could include both a root cause analysis, with remediation actions for those root causes, and the evaluation of the handling of the outage.