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BNY Mellon is settling trades of Treasury securities manually with the Industrial and Commercial Bank of China after the Chinese bank was hacked, two sources familiar with the matter said on Friday.
BNY is waiting for a third party to attest that it is safe to reconnect ICBC to its settlement platform after the Chinese bank was hit by a ransomware attack earlier this week, the sources said.
The process is likely to go into next week, they said.
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