High-profile hacks have made cyber security a growing focus for the financial industry, with the likes of Bangladesh Bank, Equifax and Tesco Bank falling foul of criminals. A new piece of European legislation is now threatening to add to the risk of a breach by requiring firms to hold and exchange vast amounts of personal data on individual traders and clients.

“People don’t necessarily want to share that private information,” says Vikas Srivastava, chief revenue officer at foreign exchange