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Hong Kong Stock Exchange Hit By Hackers: Suspends Trading of 7 Companies' Shares Incl. Cathay

 
Biochemky

User ID: 919411
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08/10/2011 02:43 PM

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Hong Kong Stock Exchange Hit By Hackers: Suspends Trading of 7 Companies' Shares Incl. Cathay
Hong Kong bourse hit by 'malicious hacking'

August 8, 2011

The Hong Kong stock exchange said Wednesday its website had been hit by "malicious hacking", forcing trading in at least seven companies that issued price-sensitive information to be suspended.

Firms that were suspended from trade include blue-chips banking giant HSBC and Hong Kong flagship carrier Cathay Pacific, after the technical problems were reported on the bourse's website shortly after the midday break.

Cathay meanwhile reported its 2011 half-year earning results, with net profit tumbling almost 59 percent compared to a year earlier.

Hackers attacked the Zimbabwe stock exchange website on Friday, forcing a shutdown of the site and hampering traders monitoring performance on the 79-company bourse.

[link to www.bangkokpost.com]

[link to news.google.com]
Biochemky (OP)

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08/10/2011 02:56 PM

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Re: Hong Kong Stock Exchange Hit By Hackers: Suspends Trading of 7 Companies' Shares Incl. Cathay
Hong Kong Exchanges & Clearing Ltd., the world’s biggest bourse operator by market value, said it suspended trading for companies including HSBC Holdings Plc (HSBA) after its website was hacked.

Europe’s largest bank by market value, Cathay Pacific Airways Ltd. (293) and five other stocks were halted after a “malicious attack” on the exchange’s website for corporate filings, Chief Executive Officer Charles Li said yesterday. The website was partially disabled as companies including Hong Kong Exchanges reported earnings.

The bourse joins companies from Sony Corp. to Citigroup Inc. and Nasdaq OMX Group Inc. that have been targeted by hackers.

The attack came as Hong Kong stocks were rebounding after losing $323 billion in value since Aug. 1 amid a global rout spurred by concern that the U.S. economy is slowing and Europe won’t be able to contain its sovereign-debt crisis.

“This has affected the creditability and trustworthiness of information at a very critical time,” said Charles Mok, who heads the Hong Kong division of the Internet Society, an international standard-setting group. “The situation is very worrying because the hacking is targeted at the information disclosure mechanism.”

The exchange suspended trading of companies which published price-sensitive information, including on earnings and acquisitions, after 12 p.m. to ensure investors had equal access to statements, Li said.

In March, the U.S. National Security Agency was reported to have joined an investigation of an October 2010 attack on Nasdaq OMX. The second-largest U.S. equity exchange operator by market share of trading, said in February that “suspicious files” discovered on a website prompted it to start an investigation with federal authorities into possible computer hacking.

[link to www.bloomberg.com]
-db-

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08/10/2011 02:57 PM
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Re: Hong Kong Stock Exchange Hit By Hackers: Suspends Trading of 7 Companies' Shares Incl. Cathay
alone
Biochemky (OP)

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08/10/2011 03:07 PM

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Re: Hong Kong Stock Exchange Hit By Hackers: Suspends Trading of 7 Companies' Shares Incl. Cathay
Hong Kong Exchange Website Hacked

August 10, 2011

The unprecedented trading halts on the seven [companies, 3 blue-chip], all of which released price-sensitive information during the usual midday trading break, came as the benchmark Hang Seng Index recovered some of Tuesday's 5.7% plunge.

The hacking, which comes amid heightened global concern over online hacking, raised questions over the preparedness of Hong Kong's bourse, the key international exchange for trading Chinese companies.

The security breach comes as more companies experience online hacking. A study released last week by security firm McAfee showed that dozens of government entities, major companies and nonprofits around the world were the victims of a massive, years-long cyber-attack effort.

"We couldn't ensure even and fair dissemination of information," said Mark Dickens, head of listing at the stock exchange.

Companies that were suspended from trade Wednesday included HKEx, Cathay Pacific Airways Ltd., which like the bourse operator reported earnings Wednesday, and banking giant HSBC Holdings PLC, which announced a deal to sell its U.S. credit card and retail services business. The three account for around 18% of the benchmark Hang Seng Index's weighting.

[link to online.wsj.com]
Biochemky (OP)

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08/10/2011 03:58 PM

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Re: Hong Kong Stock Exchange Hit By Hackers: Suspends Trading of 7 Companies' Shares Incl. Cathay
"HKEx Web site hit by hackers"

August 10, 2011

Trading was halted in eight companies as the operator adopted a half day suspension policy for issuers which announced price sensitive information to give investors a chance to locate announcements on their Web sites.

The attack on HKEx follows a wave of similar cyber-espionage at other exchanges, including Nasdaq OMX.

Earlier this year, stock exchanges in the UK and US called in security services to help fend off malicious assaults, which are believed to be linked to state-sponsored infiltrators.

[link to www.finextra.com]

Hmmm...the hackers are "state-sponsored infiltrators"...
HondaKing

User ID: 1309016
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08/10/2011 03:59 PM
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Re: Hong Kong Stock Exchange Hit By Hackers: Suspends Trading of 7 Companies' Shares Incl. Cathay
Hmmm...the hackers are "state-sponsored infiltrators"...
 Quoting: Biochemky


^^^
-My karma ran over your dogma-

"Objects in mirror appear to be losing"- VTEC

-Laziness is nothing more than the habit of resting before you get tired-
Biochemky (OP)

User ID: 919411
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08/10/2011 04:21 PM

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Re: Hong Kong Stock Exchange Hit By Hackers: Suspends Trading of 7 Companies' Shares Incl. Cathay
"Hong Kong stock exchange (HKEx) website hacked, impacts trades"

August 10, 2011

The Hong Kong stock exchange (HKEx) halted trading this afternoon for seven stocks after its website was hacked during the morning trading session.

The seven stocks in question were all due to release sensitive results to the website that could impact the price of their stocks.

Although the Hong Kong stock exchange also operates an alternative backup site for posting the results, it chose to halt trading of the affected stocks for the afternoon session.

Stocks affected included HSBC, Cathay Pacific, China Power International and the Hong Kong exchange itself [which is UP 19% over last quarter].

Trading will resume normally for the seven stocks in tomorrow's session utilizing the backup bulletin board if the website cannot be secured properly before the market open.

This follows on the heels of attacks against the Nasdaq stock exchange in February of this year.

The systems responsible for trading are not hooked up to the internet, which should provide an additional degree of protection.

[link to nakedsecurity.sophos.com]

Hmmm...systems responsible for trading are NOT HOOKED UP TO THE INTERNET but were hacked!!!

Can we say INSIDE JOB?!!!
Biochemky (OP)

User ID: 919411
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08/10/2011 04:32 PM

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Re: Hong Kong Stock Exchange Hit By Hackers: Suspends Trading of 7 Companies' Shares Incl. Cathay
"A shameful suspension act"

August 11, 2011 [Hong Kong time]

The Hong Kong stock exchange ordered seven stocks - including some of the largest blue-chip companies - to suspend trading in one stroke.

Yesterday's action was previously unheard of in the bourse's history. Who gave the questionable order?

Company results are important to investors, and so are major deals like the one announced by HSBC Holdings disposing of its US credit card business in a US$32.7 billion (HK$255 billion) pact.

Everyone must have been shocked after returning from lunch, only to learn that trading in stocks like HSBC, Hong Kong Exchanges and Clearing, and Cathay Pacific were halted. Some 420 warrants [buy orders? sell orders?]were also suspended.

The moves bode ill for the SAR's status as a leading international financial center. The Securities and Futures Commission should seriously investigate.

HKEx first blamed a technical glitch, and later a suspected hacking attack on its information website that serves as the only official platform for company announcements.

To justify the decision, the bourse said it had to suspend the companies' trading to give investors time to understand the contingency, and locate issuers' respective announcements.

The justification was lame. Even if it was a glitch or a hacking attack, the information website was isolated from the trading system that was unaffected, as trading in other stocks continued normally.

I can't help questioning whether there could have been a better alternative than ordering all seven companies to suspend trading. Is HKEx chief executive Charles Li Xiaojia aware of the downside that such a decision could inflict on investors?

For many investors, yesterday's rally could have offered them a chance to flee the volatility at a better position. I'm sure many of them would be scared by the market plunges in the United States after trading resumed there last night. Imagine how angry the masses might be today.

A trading suspension is serious, a decision not to be taken lightly.

[link to www.thestandard.com.hk]
2Crazy4U

User ID: 1499998
Venezuela
08/10/2011 04:35 PM
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Re: Hong Kong Stock Exchange Hit By Hackers: Suspends Trading of 7 Companies' Shares Incl. Cathay
Hmmm...the hackers are "state-sponsored infiltrators"...
 Quoting: Biochemky


^^^
 Quoting: HondaKing



bump


Indeed they are.
Life its not measure by the number of breath you take, but by the moments that take your breath away.
SeraphSirius

User ID: 1266830
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08/10/2011 05:26 PM
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Re: Hong Kong Stock Exchange Hit By Hackers: Suspends Trading of 7 Companies' Shares Incl. Cathay
Great Find OP, To be honest, I wonder why this doesn't happen more often in a Metropolis this size, Hackers+1000000
Have you not loved your enemy intimately and passionately now? Will you never know the truth of who they are, what they are, and when they will become apart of you now, forever. -SSS
Biochemky (OP)

User ID: 919411
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08/10/2011 05:40 PM

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Re: Hong Kong Stock Exchange Hit By Hackers: Suspends Trading of 7 Companies' Shares Incl. Cathay
It's sounding more and more like "the hackers" are employed by the Hong Kong Stock Exchange itself.

It IS possible after all.

They have admitted that the Hong Kong Stock Exchange is NOT hooked up to the internet.

They could easily have halted trading to be able to position themselves proerly in buy or sell positions to take advantage of the corporate information that they were privy to (due to their "pseudo-hacking" efforts) earlier than all other traders in Hong Kong.
General Troll, US Shillitary

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08/10/2011 06:48 PM
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Re: Hong Kong Stock Exchange Hit By Hackers: Suspends Trading of 7 Companies' Shares Incl. Cathay
popcorn
"What you have just said, is the most insanely idiotic thing I have ever heard. At no point, in your rambling incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points and may God have mercy on your soul."
Anonymous Coward
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08/10/2011 07:49 PM
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Re: Hong Kong Stock Exchange Hit By Hackers: Suspends Trading of 7 Companies' Shares Incl. Cathay
bsflag

Excuses, excuses...
Anonymous Coward
User ID: 1495111
United States
08/10/2011 09:20 PM
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Re: Hong Kong Stock Exchange Hit By Hackers: Suspends Trading of 7 Companies' Shares Incl. Cathay
It's sounding more and more like "the hackers" are employed by the Hong Kong Stock Exchange itself.

It IS possible after all.

They have admitted that the Hong Kong Stock Exchange is NOT hooked up to the internet.

They could easily have halted trading to be able to position themselves proerly in buy or sell positions to take advantage of the corporate information that they were privy to (due to their "pseudo-hacking" efforts) earlier than all other traders in Hong Kong.
 Quoting: Biochemky


Would be wonderful for HSBC...since they are down for the week and insolvent...just saying.

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