FT News Briefing

The hack that halted the US Treasury market

Nov 13, 2023

09:38

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Discussion on the recent cyber attack on China's largest bank and its impact on the US Treasury market. Concerns raised about market security and stability. Reassessing the global economic picture and uncertainty in oil prices.

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Quick takeaways

The ransomware attack on China's largest bank, ICBC, caused a disruption in the US Treasury market, highlighting concerns about the security and stability of global financial markets.

The UK's Takeover Panel is experiencing a deficit for the first time in almost a decade, reflecting a slowdown in mergers and acquisitions in the country.

Deep dives

Cyber attack hits China's largest bank, disrupting Treasury market

Last week, China's largest bank, the ICBC, experienced a ransomware attack that disrupted its financial services arm and affected the US Treasury market. ICBC plays a crucial role in the Treasury market as a clearing house for finalizing trades and transactions. As a result of the attack, clients had to reroute Treasury trades to other banks, causing a temporary disruption. The incident highlighted concerns about the security and stability of global financial markets, as any disruption in the Treasury market can have a significant impact.

Introduction

3min

US Treasury Market Hack and its Impact on Market Stability

4min

Reassessing the Global Economic Picture and Uncertainty in Oil Prices

3min

The UK’s Takeover Panel has reported its first deficit in almost a decade, and oil prices have been cooling off at a pretty weird time. Plus, the FT’s Kate Duguid explains why a hack at China’s biggest bank put the US Treasury market on ice.

Mentioned in this podcast:

UK Takeover Panel falls victim to deal drought

Wall Street and Beijing fight fallout of ransomware attack on China’s biggest bank

I’m going to dip my fat fingers in oil (Opinion)

Iceland declares state of emergency as it braces for volcanic eruption

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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