China's largest bank hit by ransomware attack that may have disrupted Treasury market

<p>The <a href="https://www.ft.com/content/8dd2446b-c8da-4854-9edc-bf841069ccb8" target="_blank" rel="nofollow">FT reports</a> that the Industrial and Commercial Bank of China was hit by a ransomware attack that may have disrupted the US Treasury market.</p><p>The report says ICBC was prevented from settling bond trades on behalf of others. It's a worrisome attack at China's largest bank, though reports say that it's starting to restore services.</p><p>I'm not sure if that could go towards explaining why today's Treasury auction was so weak but the non-dealer takedown was poor (ICBC isn't a primary dealer).</p><p>In nay case, the bond market has recovered more than half its losses on the poor auction, so there are certainly doubts about the signal from the sale.</p>

This article was written by Adam Button at www.forexlive.com.