The Cross-Market Operational Resilience Group (CMORG) concluded its biennial simulation exercise, SIMEX26, yesterday, 8 October 2026. This year's exercise focused on a scenario involving a global disruption to cloud-based services.
Chaired by the Bank of England and UK Finance, the crisis management exercise included 38 of the largest and most systemically important banks and market infrastructure operators. HM Treasury and the Financial Conduct Authority also participated.
The Economic Secretary to the Treasury opened the exercise, which was hosted by the London Stock Exchange Group. Katharine Braddick, Deputy Governor of Prudential Regulation at the Bank of England, stated that the exercise demonstrated the UK financial sector's commitment to operational resilience and its importance for safeguarding financial stability.
David Postings, Chief Executive of UK Finance, commented that SIMEX26 helped collectively strengthen preparedness to ensure the sector can respond to significant disruptive events while continuing to deliver essential services. The Bank of England expects participating firms to take action based on the exercise to further enhance their resilience and ability to respond to severe operational and cyber scenarios.