Conspiracy theory or a concerted effort to undermine U.S bond auction?

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Conspiracy theory or a concerted effort to undermine U.S bond auction? As traders make the link between weaker than expect results that had ‘at least something to do with the ransomware attack on the American Arm of ICBC bank’.

‘The ICBC attack “might have had a dramatic impact on the auction. I don’t know how much, but I also can’t imagine it didn’t,” said Tom di Galoma, co-head of global rates trading for BTIG in New York. “When people see that there are trade-settlement issues, there’s a willingness to back off and that’s exactly what happened yesterday. Institutional accounts were saying, ‘We don’t know who is settling this trade.’ If the cyberattack hadn’t happened, I think the auction would have gone a lot better.”’

Are we entering a new era? Lloyds of London’s highlighted the failure in a payment system as a systemic cyber scenario. What about a cyber attack that affects the sale of U.S government bonds, could that be so far fetched? Maybe not conspiracy theory just yet, just a VPN hack that targeted ICBCs treasury settlement processes. One awaits a report from the Federal Reserve.

Ted Dziekanowski Brian D. McCarthy Rachel V. Rose, JD, MBA Bob Dix

#paravasecuritysolutions #cybersecurity #cyberriskmanagement

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