Systems failure at Reuters hits forex trading
Reuters suffered a temporary systems failure in its currency matching system, the Reuters Dealing 3000 Matching Host, which caused a disruption in foreign exchange (FX) trading during Asian hours on Friday, September 8, confirm Reuters officials and industry traders.
The outage serves as a firm reminder of the competitive landscape for interbank business, with rival broker EBS picking up volume, say FX traders.
The systems outage took place between 1:20am GMT (2:20am UK time and 9:20pm New York time), and lasted an hour before recovery at 3:20pm GMT, says a spokesperson for Reuters in London. The spokesperson says trading in sterling as well as Australian and New Zealand dollar currencies were affected.
"A lot of our feeds for our internal systems come directly from Reuters, so there were some ongoing implications," says a Singapore-based trader. The trader says that volumes naturally migrate to rival broker EBS as a result.
One head of trading adds: "Both Reuters and EBS as the primary sources of liquidity know that, at any time they go down, the liquidity switches immediately to the other one, so they are losing from the second the system fails."
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
One year on, regulators still want a cure for bank runs
Broad support for higher outflow assumptions on uninsured deposits, but that won’t save insolvent banks
Watchlist and adverse media monitoring solutions 2024: market update and vendor landscape
This Chartis report updates Watchlist monitoring solutions 2022 and focuses on solutions for sanctions (name and transaction) screening and monitoring adverse media and its related elements
Basel Committee reviewing design of liquidity ratios
Focus on LCR and NSFR after Silicon Valley Bank and Credit Suisse, but assumptions may not change
Risk, portfolio margin, regulation: regtech to the rescue
A white paper outlining the complexity of setting the course for risk, margin and regulation
Prop shops recoil from EU’s ‘ill-fitting’ capital regime
Large proprietary trading firms complain they are subject to hand-me-down rules originally designed for banks
Revealed: the three EU banks applying for IMA approval
BNP Paribas, Deutsche Bank and Intesa Sanpaolo ask ECB to use internal models for FRTB
FCA presses UK non-banks to put their affairs in order
Greater scrutiny of wind-down plans by regulator could alter capital and liquidity requirements
Industry calls for major rethink of Basel III rules
Isda AGM: Divergence on implementation suggests rules could be flawed, bankers say
Most read
- Basel Committee reviewing design of liquidity ratios
- SG trader dismissals shine spotlight on intraday limit controls
- Too soon to say good riddance to banks’ public enemy number one