A cyber attack on ION took down servers that handled cleared derivatives. This made it hard for brokers and other processing services to report trades and use their machines.
A spokesman for Bloomberg confirmed that the attack on 42 of ION’s clients was done by a Russian group called Lockbit.
In a statement on its Website, ION says:
“ION Cleared Derivatives, a division of ION Markets, experienced a cybersecurity event commencing on 31 January 2023 that has affected some of its services. The incident is contained to a specific environment, all the affected servers are disconnected, and remediation of services is ongoing.”
Some brokers have used manual workarounds to deal with the problem. This could affect margin calls, the value of portfolios, and the way large market positions are reported to regulators.
