Login

News Post

EquiLend hack raised costs as traders flew blind, sources say

ReutersReuters ¡ 6m
EquiLend hack raised costs as traders flew blind, sources say

A recent ransomware attack on EquiLend, a market utility company, caused disruptions in the trading market, temporarily leaving Wall Street unaware of trading risks. EquiLend, which is primarily used for borrowing securities and post-trade services, experienced a blackout of its systems from January 22 to February 5. Without access to EquiLend's electronic trading systems, traders were unable to see who they had struck deals with, raising capital costs for banks and causing market disruptions. The incident highlights the risks of centralized market infrastructure and the need for more robust backup plans. Regulators are expected to scrutinize third-party firms providing critical financial infrastructure.

1
View Source

Comments

More Like this

Musk says Neuralink's next product to restore vision in blind people

Musk says Neuralink's next product to restore vision in blind people

Microsoft’s AI narration app expands to Android for blind users

Microsoft’s AI narration app expands to Android for blind users

Are you Blacker than ChatGPT? Take this quiz to find out | TechCrunch

Are you Blacker than ChatGPT? Take this quiz to find out | TechCrunch

Rise of disability tech startups

Rise of disability tech startups

SucSEED Venture set to float maiden VC fund

SucSEED Venture set to float maiden VC fund

From FOMO to IPO: How markets make venture funds dance

From FOMO to IPO: How markets make venture funds dance

Are We Really Doing the Bitcoin Hype Cycle Again?

Are We Really Doing the Bitcoin Hype Cycle Again?

Hospital-based optical retail chain Optimizers raises seed funding for expansion

Hospital-based optical retail chain Optimizers raises seed funding for expansion

Elon Musk's Neuralink brain implant to ultimately help humans merge with AI is sparking debate over safety and ethics

Elon Musk's Neuralink brain implant to ultimately help humans merge with AI is sparking debate over safety and ethics

Binance founder Changpeng Zhao sentenced to 4 months for allowing money laundering

Binance founder Changpeng Zhao sentenced to 4 months for allowing money laundering

Download the medial app to read full posts, comements and news.