A ransomware attack on the U.S. unit of Industrial and Commercial Bank of China (ICBC) disrupted some trades in the U.S. Treasury market on Thursday but market sources said the impact seemed to be limited.
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    ICBC Financial Services said in a statement a ransomware attack resulted in disruption to certain systems and it was conducting an investigation and “progressing its recovery efforts.”

    “In general, the event had a limited impact on the market,” said Scott Skrym, executive vice president for fixed income and repo at broker-dealer Curvature Securities.

    Bloomberg reported later on Thursday that a prolific criminal gang known as Lockbit, which has ties to Russia, is suspected to have orchestrated the hack, citing people familiar with the situation.

    While ransomware attacks have been soaring across a range of sectors in recent years, they have rarely disrupted a major financial market.

    Thursday’s incident is likely to raise questions over market participants’ cyber security controls and potentially draw regulatory scrutiny.

    “There could have been maybe some technical issues with some participants not being able to access the market fully on the day,” said Michael Gladchun, associate portfolio manager, core plus fixed income, at Loomis Sayles.

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