For the derivatives market, it was a slap in the face. Not only did companies lack adequate staff to meet the crisis, but many of the workers were too young to know how to keep operations afloat. It was also the second time in just one week that a major market had been humbled.
When ION’s systems went down, a team of coders at one London brokerage scrambled to build their own ad-hoc system to match off clients’ trades, and they had it up and running within hours, according to one person familiar with the matter.But while those types of creative efforts have helped to mitigate the fallout so far, the challenges are growing as the crisis rolls on.
“The LME has been closely monitoring liquidity across all venues since the incident occurred, and has not yet seen any evidence of liquidity being affected,” the exchange said in an emailed statement. “We continue to work closely with affected members to help them continue their business as normally as possible, and reduce any wider impact.”
The Federal Bureau of Investigation is also seeking information on the cyberattack and reached out to ION executives, people familiar with the matter said. The agency is aware of the situation, it said in a statement.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
International Finance: Adani in crisis as bonds hit distressed levels, stock sale axedGautam Adani’s beleaguered empire is spiralling into crisis, as the fallout from a short-seller’s fraud allegations leads to a worsening meltdown in the indebted conglomerate’s securities.
Source: dailymaverick - 🏆 3. / 84 Read more »
International Finance: Stocks extend Fed-fuelled rise in Asia; dollar dips: markets wrapAsian shares advanced with US and Europe futures on Thursday, extending a rally on Wall Street after Federal Reserve chair Jerome Powell said the central bank had made progress in its battle against inflation.
Source: dailymaverick - 🏆 3. / 84 Read more »
Sudan: Finance Minister Criticised for Lack of Clarity in New Sudan BudgetAs Sudan witnessed protests demanding improvements in health and education, Economist Haisam Mohamed Fathi told Radio Dabanga that the 2023 national budget, approved by the Council of Ministers two days ago, "far from heralds a transition to a new phase for the Sudanese economy."
Source: allafrica - 🏆 1. / 99 Read more »
Mminele quits as head of presidential climate finance team | BusinessSouth Africa is finalising an implementation plan for an $8.5 billion climate finance deal with some of the world’s richest countries even as the head of the Presidential Climate Finance Task Team quit, a government spokesman said. | News24_Business _Business And the ANC’s thugs are waiting to loot _Business Finalising a plan. I give up. _Business Now beloved, how do u suppose ESKOM will be resuscitated when SA has accepted foreign LOANS & committed 2 shutdown coal with an intention 2 move us towards renewable energy. SABCNews SowetanLIVE MYANC Our_DA EFFSouthAfrica A_C_D_P Our_POA DailyDispatch
Source: News24 - 🏆 4. / 80 Read more »