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EquiLend hack raised costs as traders flew blind, sources say

ReutersReuters Ā· 8m
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.

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