White Paper

Beyond the Horizon

September 11, 2013

This paper identifies several factors impeding the industry's ability to protect itself from emerging threats, including a rise in cyber attacks that can easily thwart U.S. and E.U. industry safeguards and laws; the speed of high-frequency trades relative to industry risk infrastructures; the concentrated nature of key clearance and settlement functions within a few firms; and regulatory safeguards that are either years from implementation or introduce new forms of risk.