Why cyber hack leaves EquiLend down but not out

Users turned to alternative securities lending platforms, but that may not mean lost market share

Credit: Risk.net montage/EquiLend

When cyber crime franchise LockBit came for EquiLend in January this year, both its trading and its regulatory reporting functions were disrupted, with some services on the securities lending platform out of action for two weeks. In the meantime, users had to find alternative providers. But that doesn’t mean rivals are coming for EquiLend’s market share.

In the short term, the phone lines were lighting up at competitors. 

“As a securities lending matching platform, we have been receiving a strong

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