According to a report published titled “Beyond the Horizon”, the clearinghouse of New York City fear eight main alarms to the financial industry. The Depository Trust & Clearing Corp., which processes U.S. stock trades, has reported that the biggest threat to the world markets today is from cyber attacks.
On 8th of this month the fears were expressed by the firm that the new regulations, high frequency trading, the risk to counter parties defaulting, collateral requirements and natural disasters are greatest dangers of this ever swelling cyber world. The report says that Cyber security is the greatest threat to markets and governments across the world, the firm said in the report that the DTCC does not believe this risk to dissolve meaningfully in the near term in the wake of diverse and global character of cyber-attacks.
The July study conducted by the World Federation of Exchanges and the international Organization of Securities Commissions envisages that a substantial number of exchanges battled with the sabotage coming through the Internet in 2012 .The survey of exchanges have revealed that nearly 53 per cent of exchanges have been raped by a cyber-attack in 2012 and 89 per cent called it a systemic risk.
The dubious files were noticed on a NASDAQ OMX Group Inc. website in February 2011.The NASDAQ OMX Group Inc. accelerates direct communication between listed companies. The company said
The trading podiums function individualistically from the company’s “web-facing” services.
In October 2011, the Stock Exchange website in New York faced dangers from a hacker group.
After rundowns at Knight Capital Group Inc. pushed the firm to the brink of insolvency, technology and the risk it poses to markets is under intensifying scrutiny. The U.S. Congress was compelled to examine why and how increasing computerization is injuring the reliability of the world’s largest equity market.