Derivatives market hit by cyber-attack on Ion

The Futures Industry Association (FIA) is assessing the impact of a cyber-attack on the systems of an ION Group unit.

The attack has this week affected both the trading and clearing of exchange-traded derivatives by ION customers across global markets.

The FIA, an industry group that represents futures dealers, investors and exchanges, said it was working with impacted members as well as market regulators to evaluate the extent of the impact on trading, processing and clearing.

Ion, which is based in Dublin, said its cleared derivatives unit was hit by a “cyber security event” on Tuesday (31 January).

It added that the incident was “contained to a specific environment, all the affected servers are disconnected, and remediation of services is ongoing”. 

It is understood that the attack affected 42 clients of Ion Trading UK, and forced a number of banks and brokers to process trades manually.

The US derivatives market regulator, the Commodity Futures Trading Commission, said it was also aware of the incident and was “working closely with affected parties, regulators and other market participants to ensure orderly resolution”. 

CME Group and Intercontinental Exchange, the two largest US exchange groups, each said that several of their members had been impacted, which could affect the timing and accuracy of some of their published data.