CCPs hike spending on cyber defences

“The thing OCC spent the most incremental funding on in 2017 was improving cyber security,” says COO

Banks fear the impact of a disabling cyber attack on a CCP

The operators of the US’s largest clearing houses say they have ramped up spending on cyber security in the past 12 months, citing the ongoing threat malicious actors pose to their organisations.

Speaking earlier today (April 12) at the World Federation of Exchanges’ clearing and derivatives conference in Chicago, John Davidson, president and COO of the Options Clearing Corporation, said the central counterparty’s biggest area of increased spending last year was cyber security.  

“It is clearly

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