Finextra claims that the purpose of this exercise was to evaluate the financial sector's ability to withstand a significant infrastructure breakdown that would need a complete shutdown and restart of operations.

SIMEX, created by the Bank of England-established Cross Market Operational Resilience Group (CMORG) in 2015, is a component of a continuous drill series originating from the National Risk Register of the United Kingdom government. The purpose of these exercises is to ensure that the financial sector is capable of responding forcefully to any possible disruptions, which will strengthen the stability of the financial system and increase public trust.

In this most recent exercise, industry-wide approaches to protect and maintain vital economic services were put to the test. The CEO of the Prudential Regulation Authority and deputy governor of prudential regulation, Sam Woods, stressed the significance of being ready for a variety of threats. It is imperative that we are ready for a variety of dangers, even the most difficult ones. According to him, SIMEX and the sector exercising program provide the banking industry as a whole, as well as the authorities, special chances to practice safeguarding and defending the services that the economy depends on.

The significance of these exercises was underscored by David Postings, the CEO of UK Finance, who emphasized the continuous emphasis on resilience in the financial services sector. "A robust financial sector is an ongoing topic of attention for the financial services industry and essential in today's economy. This week's sector-wide drill makes it possible for us to adequately handle any eventuality and safeguard the UK financial system and its clients, according to Postings.

The industry Response Framework (SRF), which specifies how the financial industry should react as a whole to systemic crises, is another area in which CMORG is working. SIMEX 24 placed a lot of emphasis on this framework, which makes sure that the UK financial services sector is prepared to deal with major disruptions efficiently and cooperatively.