SIMEX 24 A simulation exercise across key markets to test the resilience of the UK financial sector to major operational disruptions.

press release

The Bank of England has worked with UK Finance, the financial sector and other UK financial authorities (HM Treasury and the Financial Conduct Authority) to conduct SIMEX 24, its latest UK market-wide simulation exercise. The ability to respond to major infrastructure failures requiring the complete closure and reopening of the UK financial sector.

SIMEX was developed and delivered by the Cross Market Operational Resilience Group (CMORG), a strategic partnership between financial authorities, UK finance and industry established by the Bank of England in 2015. This is the latest activity in an ongoing program exploring: The financial sector's response to the most challenging scenarios, including those listed on the UK Government's National Risk Register.

Exercises and wider programs to develop financial sector capacity support the goals of both financial authorities and businesses to build collective response tools to respond to disruptive events. This improves the operational resilience of the financial sector and promotes a stable financial system that people can trust.

Sam Woods, Deputy Governor and Chief Executive Officer of the Prudential Regulation Authority, said:

“It is important to be prepared to respond to a wide range of risks, including the most difficult scenarios. SIMEX and its sector-specific training programs provide a unique opportunity for the entire banking sector, industry and authorities to put into practice how to protect and defend the services on which the economy depends.”

David Postings, CEO of UK Finance, said:

“A resilient financial sector is critical to a modern economy and is an area of ​​continued focus for the financial services industry. “This week’s sector-specific training will help ensure we can respond effectively to potential incidents and protect the UK’s financial system and customers.”

CMORG strengthens the operational resilience of the UK financial sector through collective action and is supported by specialist industry groups. This is achieved through identifying systemic risks, developing solutions to support sector-specific mitigation strategies, and sharing capabilities and knowledge across sectors.

As part of this work, CMORG oversees a sector-wide response approach to systemic incidents through the Sector Response Framework (SRF). The SRF is a key component, run through SIMEX, to enable the UK's financial services industry to respond efficiently and harmoniously to significant disruption.

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