Non-delivery of US debt pledged as collateral surged on Thursday as the repercussions of a cyberattack on Industrial & Commercial Bank of China Ltd. rippled through the market. US Treasury repo fails — the amount of US debt that wasn’t delivered to fulfill trade contracts — rose to $62.2 billion, the highest since March and up from $25.5 billion a day earlier, Depository Trust & Clearing Corporation data show. Such failures-to-deliver occur when either sellers do not deliver, or buyers do not receive, securities in time to settle a trade. The repo market — which usually closes at 3 p.m. in New York — stayed open ... (full story)