FX trading partially ground to a halt at Refinitiv’s currency platforms on Tuesday because of a technical glitch at the major institutional venue. The hitch appeared to have only a modest effect on broader market sentiment, but according to some traders it had impacted the liquidity of Australian and New Zealand dollars and the British pound.
Refinitiv, the trading and data business spun out of Thomson Reuters, reported a “major incident management process” that was preventing some members from logging in to their accounts prior to the London market opening time.
No further details were given on the nature of the issues, and at the time of writing, Refinitiv didn’t announce the technical glitch has been resolved. However, some FX traders who were already logged on said they were able to continue trading.
Refinitiv issued a ‘critical alert’ explaining that their trading and data platforms experienced issues “toward the end of the Asia trading hours,” with customers “experiencing intermittent login disruptions” and were unable to enter, modify or cancel orders on the FXT terminal.
“The major incident management process is being managed at the highest level to aid service restoration,” the alert said.
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At a press briefing, a company spokesman said, “we fully appreciate how critical these systems are to our customers and are actively working to resolve the situation as soon as possible. We apologize for the inconvenience caused.”
Trump is always to blame
The incident comes as global markets were in a rollercoaster ride with major currencies just had their most dramatic week of the year after President Trump renewed his trade war against China.
Refinitiv’s Eikon solution has been one of Thomson Reuters’ flagship products that helps aggregate and process real-time and historical data to facilitate financial markets transactions and connectivity. The product has already been adopted across 180 different countries, making it one of the most widely used platforms in the market.
In turn, FXall’s services are used by 180 banks and over 2,300 institutional clients that make markets for foreign exchange products, including asset managers, corporations, banks, broker-dealers, and hedge funds.
Refinitiv went private in October 2018 when Thomson Reuters completed the sale of a majority stake in its financial-and-risk arm to private equity firm Blackstone Group, alongside Canada Pension Plan Investment Board and Singapore state fund GIC for $17 billion.