LockBit Gang Tied to Cyber Incident That Hit Derivatives Trading Platform ION Trading

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A popular derivatives trading platform used by options dealers and investment banks, Dublin-based ION Trading UK, was hit with a cyber attack that impacted some of its derivatives services and resulted in concerns around trade processing for its clients, with blame for the incident falling on Russian ransomware gang LockBit.

The attack affected 42 of ION’s clients and forced several European and US banks and brokers to process trades manually. The company’s software is used to complete derivatives trades across the stock, bond, and commodities markets. According to impacted brokers, the outage is affecting vital processes such as calculating margin calls and regulatory reporting on large market positions.

ION issued a statement: “Cleared Derivatives, a division of ION Markets, experienced a cybersecurity event commencing on January 31, 2023, that has affected some of its services. The incident is contained to a specific environment, all the affected servers are disconnected, and remedia…