The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

The cyber security threat to FX algos

Although processes are in place to limit the impact of rogue algorithms, there are further steps electronic FX trading networks can take to protect themselves from cybercriminal activity.

Given the kudos a hacker would receive for disrupting the world’s largest financial market, it is perhaps surprising that more effort has not been made to target the systems that support the trillions of dollars of FX trades made every day.

FX broker FXCM remains the only high profile victim to date.

Tom Higgins, Gold-i

Gold-i CEO Tom Higgins says it would be difficult for someone to make a profit from attacking an electronic FX trading network, as all they could do is place trades with no guarantee they would make money from those trades.

However, he also accepts that a distributed denial of service attack – which would make the trading service unavailable – represents a considerable threat.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to Euromoney.com and Asiamoney.com analysis and receive expertly-curated updates direct to your inbox.

 

Already a user?

Login now

 

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree