The International Organization of Securities Commissions published two reports that address how financial markets and intermediaries manage risks, deal with catastrophic events, including cyber attacks, and quickly restore their functionality. Both reports provide recommendations to regulators and “sound practices” to trading venues and market intermediaries, respectively. Among other things, IOSCO recommended that trading venues have “communication protocols” to ensure the sharing of information regarding the introduction of new systems or changes to critical systems. This is important, said IOSCO, to ensure “Trading Venue participants are given sufficient time to make the requisite system changes or adjustments.” For market intermediaries, IOSCO recommended that firms “[e]stablish an appropriate governance structure” that can implement its business continuity plan successfully in case of a major operational disruption. Earlier in December, the Commodity Futures Trading Commission proposed rules to enhance cybersecurity at market infrastructures it oversees.