Ion in the fire: three banks call in lawyers after hack

Banks are examining service-level agreements for possible breaches

Credit: Risk.net montage

At least three banks are weighing their legal options over a cyber attack that has disrupted derivatives trading since the end of January, and drawn the scrutiny of regulators and law enforcement agencies around the world.

Ion Group, which supplies software used to process cleared derivatives trades, shut down access to some of its services on January 31 after hackers seized control of its servers. The outage affected 42 clients, forcing some to process trades manually and delay regulatory

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