Cybersecurity
ICBC Tells Clients to Reroute Some Trades After Cyber Issue
- Treasury is aware of cybersecurity issue, spokesperson says
- Attack at ICBC US unit prevented clearing of Treasury trades
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Industrial & Commercial Bank of China Ltd. was hit by a cyberattack that prevented it from clearing swathes of trades, forcing US clients of the world’s largest lender by assets to reroute transactions and leaving brokers and traders scrambling to assess the extent of the impact.
The state-owned bank alerted market makers, banks and brokerages that trading of Treasuries is being impacted by the issue which started last night, according to people familiar with the matter who asked not to be identified discussing private information.