Hackers Hit U.S. Arm of Chinese Bank

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November 10, 2023

Updated Nov. 10, 2023 8:03 am ET

A U.S. subsidiary of China’s biggest bank was hacked this week, threatening a temporary logjam for some trades in the Treasury bond market.

ICBC Financial Services, a New York-based entity owned by the Industrial and Commercial Bank of China, was the victim of a ransomware attack on Wednesday. The unit largely focuses on clearing, which means ensuring that transactions previously agreed by traders go through, and on lending and borrowing through repurchase agreements—a form of collateralized funding that forms a vital part of the financial system.

Summarize this content to 100 words Updated Nov. 10, 2023 8:03 am ETA U.S. subsidiary of China’s biggest bank was hacked this week, threatening a temporary logjam for some trades in the Treasury bond market.ICBC Financial Services, a New York-based entity owned by the Industrial and Commercial Bank of China, was the victim of a ransomware attack on Wednesday. The unit largely focuses on clearing, which means ensuring that transactions previously agreed by traders go through, and on lending and borrowing through repurchase agreements—a form of collateralized funding that forms a vital part of the financial system. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
https://www.wsj.com/articles/hackers-hit-u-s-arm-of-chinese-bank-e37768e6?mod=rss_markets_main Hackers Hit U.S. Arm of Chinese Bank