The hack that halted the US Treasury market
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 13 November 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
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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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Monday, November 13th, and this is your |
| 0:07.5 | FT news briefing. It doesn't seem that long ago that oil prices were close to hitting triple digits, but that's all changed. |
| 0:17.4 | And deal-making in the UK has hit the regulator who oversees it. |
| 0:21.8 | Plus a massive hack hit the US Treasury market last week. |
| 0:24.7 | You know people have been worried about the Treasury market for a long time but |
| 0:30.3 | cyber attacks were not on the top of people's minds when it came to the Treasury market. |
| 0:34.0 | I'm Mark Filipino and here's the news you need to start your day. A cyber attack hit China's largest bank last week. |
| 0:56.2 | The hack disrupted the financial services arm of the Industrial and Commercial Bank of China, |
| 1:01.1 | the ICBC for short. |
| 1:03.9 | In the process, it screwed up trading in the U.S. Treasury market, and now people are wondering, |
| 1:08.7 | how exposed is the global financial system? |
| 1:11.8 | Here to talk to us about it is the FT's capital markets correspondent, |
| 1:15.2 | Kate Do Good. |
| 1:16.2 | Hey Kate. |
| 1:17.2 | Hey. |
| 1:18.2 | All right, so what do we know about the extent of the attacker? |
| 1:20.8 | How disruptive has it been? |
| 1:22.2 | Who's behind it, things like that. |
| 1:24.0 | Sure, here's what we know. There was a ransomware attack on the financial services |
| 1:30.1 | arm of China's largest bank, ICBC, and that attack forced people to reroute |
| 1:36.3 | Treasury trades to other banks. ICBC plays a very specific role within the Treasury market so they act as a clearinghouse so they |
| 1:45.7 | finalize trades they collect margin payments basically they validate and |
... |
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