March 21, 2023


In his opening words at the 2023 FIA Boca Conference, CEO Walt Lukken talked at length about the “stone in the pond moment” effect the formation of a Cyber Risk Taskforce will have on the markets.

There is a need for deeper collaborative efforts at cyber risk management to keep the listed #derivatives markets from suffering a disruption like the one caused by the cyber attack on Ion Markets at the end of January. 

 This statement is one of the most accurate ones made since the January 31 cyberattack on Ion Markets.

The taskforce will bring together cyber risk experts and market participants to work with the CFTC to establish best practices and possibly new rules. This approach is in line with the view of Commissioner, Kristin N. Johnson, who recently told the CFTC’s Market Risk Advisory Committee (MRAC) that cybersecurity is a systemic issue requiring collaboration across all potentially affected market participants.

I’ve no doubt that this is the right approach.

The combination of market and macroeconomic disruptions that have not been seen for decades, new and increasingly sophisticated cybersecurity threats, and opportunities for safeguards based on new deep-tech approaches make this a crucial priority.

As industry innovators and disruptors, we look forward to bringing our expertise to bear on the cyber risk management problem. Lukken’s view that this issue will touch all exchange participants as the ripples spread outward is encouraging. Only with input from executives like Lukken from all types of institutions will the best solutions emerge.

Read the full article on Finextra

Next-Gen Consultancy for Financial Markets

Ambitious financial exchanges need to keep growing. Yet in the world of capital markets this is not always a straightforward task. Each jurisdiction has its own national characteristics and different way of doing things. If an exchange decides to build its own trading or clearing infrastructure, unless it is happy paying an exorbitant cost, it will typically have to wait a number of years for delivery. So, what are the alternatives for exchanges?

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The EU’s Capital Markets Union (CMU) is receiving strong backing, with widespread enthusiasm evident among stakeholders who are optimistic about its successful rollout. A significant concern has been the persistent lack of on-screen liquidity in European markets, dominated as they are by over-the-counter (OTC) trading. This contrasts sharply with the US where, according to the European Central Bank (ECB), 75% of corporate financing is conducted through capital markets, compared to Europe’s reliance on traditional bank loans.

All Markets Rise: Maximising Exchange Profit by Modernising Across All Sectors

Imagine a scenario in which a large, successful financial exchange is making profits across all its markets alike, from equities, fixed income and derivatives, to commodities and FX. Yet, sadly, this vision is far from reality. Oftentimes smaller and less liquid markets, such as for fixed income and derivatives, find it difficult to obtain the modernisation of infrastructure they need, even when it is just a simple feature request.

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