How a Hack Shook Wall Street’s Multitrillion-Dollar Foundations | EUROtoday

The current hack of a Chinese banking big reignited Wall Street’s long-running fears of disruptions to the short-term money markets underpinning the worldwide monetary system.

Traders swiftly contained the cyberattack on the Industrial and Commercial Bank of China. But some stated the incident uncovered cracks within the multitrillion-dollar marketplace for repurchase agreements, referred to as repo, the place banks and hedge funds borrow money primarily utilizing Treasurys as collateral.