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The Commodity Futures Trading Commission (CFTC) has released a statement regarding cyber-related incidents at Ion derivatives clearing; Ion fell victim to a possible Russia-related ransomware attack on January 31, 2023.
According to a memo from Ion, the attack was carried out by Russia-linked LockBit ransomware gang, which claimed responsibility and threatened to leak data stolen from the company on February 4 unless ransom demands were met.
Servers on the Ion cleared family are currently down, with repair services in progress; at least 42 of Ion’s clients have been affected, and several European institutions and US banks have been forced to return to manual processes.
Derivatives cleared ION is a subsidiary of ion Markets which offers software to automate the trading life cycle and process of clearing derivatives.
Recent developments have drawn comment from futures industry associations and the US Department of the Treasury; however, this week, the CFTC, along with fellow regulators, said it was currently working to understand the issues surrounding cyber attacks on cleared Ion derivatives.
The CFTC also disclosed that an ongoing problem was preventing clearing members from meeting the commission’s section 17 regulatory requirements regarding the transmission of accurate data.
The consequence of this is that the weekly commitment of traders reported by the CFTC will be delayed until all clearing members are fully functional and their trades are reported.
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