FT News Briefing The hack that halted the US Treasury market
Nov 13, 2023
A major cyber attack on China’s biggest bank has caused disruptions in the U.S. Treasury market, leading to heightened market anxiety. Experts discuss the ramifications of this ransomware incident and its ties to global financial stability. Meanwhile, the UK’s Takeover Panel faces its first deficit in nearly a decade, coinciding with fluctuating oil prices amidst geopolitical tensions. Additionally, Iceland is on high alert, declaring a state of emergency as it braces for a possible volcanic eruption.
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Treasury Market Vulnerability
- A cyberattack on ICBC, China's largest bank, disrupted the US Treasury market.
- This highlighted the vulnerability of the global financial system to such attacks.
Poor Treasury Auction
- A 30-year treasury auction performed poorly during the cyberattack.
- Traders hesitated due to uncertainty, possibly causing the poor auction results.
Takeover Panel Deficit
- The UK's Takeover Panel reported its first deficit in almost a decade.
- This is due to a decline in dealmaking caused by higher interest rates and reduced fees.