JPMorgan Wealthy Clients Missed a Trading Day on Two Platforms Outage
- On Thursday, as global markets rebounded and then sank again, JPMorgan’s two systems went offline.
Two Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term failed at JPMorgan Chase & Co when the financial markets were in chaos last week, Bloomberg reported Monday.
The US bank said Thursday overnight that it was finally back up after an outage rendered its wealth-management clients unable to trade during a massive stock sell-off. But issues cropped up again with its institutional stock-trading platform, which also experienced a "system-wide outage" during the same day.
On Thursday, as global markets rebounded and then sank again, JPMorgan's two systems went offline, leaving many customers to watch their portfolios drop in value without being able to do anything. But on Friday, trading appeared to be back up and running smoothly.
Service at the group's Morcom platform, which serves high-net-worth and ultra-high-net-worth clients, was only restored after regular market hours, as JPMorgan struggled to keep it online since mid-afternoon.
"Most of yesterday's trades went through, and we're working with clients to rectify any individual instances where trades were delayed," said a JPMorgan spokeswoman on Friday.
In its internal memo, JPMorgan said it would reach out to customers affected by the outage, and work with them on a case-by-case to consider any potential compensation.
According to another note the bank sent to clients, the outage was caused by a surge in volume spurred by investors spooked by the news of the coronavirus and oil trade wars.
A further possible cause of the JPMorgan issue was instability in a part of their infrastructure that was put in place to help systems accommodate high volume. This had resulted in "prolonged delay in providing clients with order status and Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term updates," the US bank said.
During the market turbulence, other platforms that cater to retail investors have also experienced difficulties, resulting in clients getting kept out of the market during sensitive times. Robinhood, Fidelity, TD Ameritrade and Charles Schwab, experienced trading downtime amid heavy trading volumes, before managing to restore its systems.
Two Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term failed at JPMorgan Chase & Co when the financial markets were in chaos last week, Bloomberg reported Monday.
The US bank said Thursday overnight that it was finally back up after an outage rendered its wealth-management clients unable to trade during a massive stock sell-off. But issues cropped up again with its institutional stock-trading platform, which also experienced a "system-wide outage" during the same day.
On Thursday, as global markets rebounded and then sank again, JPMorgan's two systems went offline, leaving many customers to watch their portfolios drop in value without being able to do anything. But on Friday, trading appeared to be back up and running smoothly.
Service at the group's Morcom platform, which serves high-net-worth and ultra-high-net-worth clients, was only restored after regular market hours, as JPMorgan struggled to keep it online since mid-afternoon.
"Most of yesterday's trades went through, and we're working with clients to rectify any individual instances where trades were delayed," said a JPMorgan spokeswoman on Friday.
In its internal memo, JPMorgan said it would reach out to customers affected by the outage, and work with them on a case-by-case to consider any potential compensation.
According to another note the bank sent to clients, the outage was caused by a surge in volume spurred by investors spooked by the news of the coronavirus and oil trade wars.
A further possible cause of the JPMorgan issue was instability in a part of their infrastructure that was put in place to help systems accommodate high volume. This had resulted in "prolonged delay in providing clients with order status and Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term updates," the US bank said.
During the market turbulence, other platforms that cater to retail investors have also experienced difficulties, resulting in clients getting kept out of the market during sensitive times. Robinhood, Fidelity, TD Ameritrade and Charles Schwab, experienced trading downtime amid heavy trading volumes, before managing to restore its systems.