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Derivatives market still hit by fallout from Ion Markets cyber attack
Very interesting article. Don't recall seeing anything about this in the American news. I wonder how it affected CME? Probably just a matter of time before some cyber group takes down the whole market at some point.
“The impact is huge because the recovery time is usually not quick,” said Martin Greenfield, chief executive of cyber security company Quod Orbis. “In most banking terms that is a complete nightmare scenario,” he said, adding that “the whole supply chain and third-party risk element is quite difficult to be dealt with”.
The disruption has rippled out to regulators too. The Commodity Futures Trading Commission, the main US derivatives regulator, has been unable to publish its weekly Commitments of Traders report, which shows the contracts that customers have been buying and selling. While it expects to resume on Friday, the report will be three weeks in arrears.
Atlanta-based Intercontinental Exchange has been unable to produce its weekly report on futures positions, as required by European rules. European exchange operator Euronext has resumed publishing its weekly commodity derivatives report, but it is also in arrears."
Anyone have some insight as to how this incident affected daily trading in the U.S.?
