Ransomware Attack Exposes Vulnerabilities in Wall Street's Multitrillion-Dollar Foundations

The recent hack of a Chinese banking giant has raised concerns about the stability of the multitrillion-dollar market for repurchase agreements, known as repo, which serves as the foundation for the global financial system. Traders were able to contain the cyberattack on the Industrial and Commercial Bank of China, but the incident has highlighted vulnerabilities in the short-term cash markets that rely on Treasurys as collateral.