Download Space Hack12/23/2023 ![]() There was a rise in the number of firms that failed to return bonds they had borrowed. ![]() Still, Scott Skyrm, who works at money market trading firm Curvature Securities, said overnight rates in the repo market were volatile and closed Thursday at levels lower than would have otherwise been the case. ICBC is not among the top-tier firms that deal in Treasuries, including the primary dealers that trade directly with the New York Federal Reserve, which limited the impact it had on the market, the sources said. SIFMA, the trade group, organized calls for market participants with updates, the sources said. Rumors about the hack started to circulate in the market on Wednesday afternoon, but one of the sources close to a major market-maker said it was not clear to most people on Wall Street what was going on until Thursday morning.Īs news of the hack spread, other firms started removing any connectivity between ICBC's computer systems and their own, the source said. She said the hack had not interfered with the market for U.S. Treasury Secretary Janet Yellen said on Friday that she and China Vice Premier He Lifeng spoke about the issue during talks in San Francisco this week. Global regulators on Friday were monitoring the impact. But alternative systems have been put in place to enable trading by ICBC, which involve moving information manually, including by carrying USB sticks with information, two of the sources said. Meanwhile, ICBC's computer systems have been isolated from the rest of Wall Street, the sources said. ![]() They also told market participants about the capital injection but did not disclose the amount or the reason for it, the sources said. ICBC said it hopes to be done as soon as this weekend, the sources said, noting that it could take longer, given the complexity of the task. ![]()
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