2016年-ECB欧洲央行_TITUS_–_Crisis_communication_exercise_for_euro_area_financial_market_infrastructures_report_8页_240kb

TITUS Exercise Summary

Core Content

The TITUS exercise was a crisis communication simulation conducted by the Eurosystem on 4 November 2015. It focused on a cyber-attack on a systemically important payment system (SIPS), specifically targeting the TARGET2 infrastructure and other critical payment systems within the euro area, such as EURO1, STEP2-T, and CORE(FR). The exercise also involved CLS, a foreign exchange settlement system based in New York, and observers from the Federal Reserve Board and Federal Reserve Bank of New York.

The purpose of the exercise was to test and improve crisis communication arrangements among financial market infrastructures (FMIs), central banks, and other market participants, ensuring the resilience of the financial system in the face of disruptions.

Main Objectives

The TITUS exercise aimed to:

1. Evaluate the Eurosystem's preparedness to perform its operational and oversight responsibilities during a crisis.
2. Assess the effectiveness of crisis management procedures among stakeholders, including information flows, decision-making, and external communication.
3. Verify compatibility of crisis management procedures across borders, enabling FMIs to participate in industry-wide tests.

Key Findings

• The exercise was successful and well-received by all participants.
• Crisis communication arrangements generally worked well during the simulation.
• However, several areas for improvement were identified:
  • The role of overseers during a crisis should be more clearly defined.
  • Contingency arrangements of SIPS should be reviewed to ensure they address a wide range of crisis scenarios.
  • Communication between operators and overseers could be enhanced for timeliness and clarity.
  • Crisis communication frameworks need to be better aligned across stakeholders to ensure consistent and coordinated information dissemination.

Next Steps

Based on the findings, the SIPS operators and overseers, including the European Central Bank (ECB), have developed dedicated action plans to address the identified shortcomings. These plans aim to improve the effectiveness of crisis communication and ensure that all parties are better prepared for real-world disruptions.

Future Exercises

Participants have emphasized the importance of regular and more comprehensive market-wide exercises. Suggestions for future exercises include:

• Involving other types of FMIs, banks, and public authorities/regulators.
• Developing more complex scenarios that incorporate quantitative data to increase realism and challenge.
• Encouraging greater participation and active engagement from all stakeholders throughout the exercise.

Participating Financial Institutions

A list of participating institutions from various countries includes:

This comprehensive exercise highlighted the importance of preparedness, interoperability, and collaboration in maintaining the stability and resilience of the euro area financial market infrastructures.