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Asia Shrugs Off Reuters Matching Outage

Reuters was forced to turn off its Dealing 3000 Matching system at the start of last week for “emergency maintenance”. The outage came at just after 7.00AM Sydney time when the market was opening for the week, it remained down for more than seven hours until 5.30 GMT when a full service was restored. In spite of the market losing one of its core mechanisms, dealers in Asia tell Squawkbox that overall trade was little affected. “The euro and yen is mainly traded over EBS which was unaffected, we saw a little extra business going over EBS in the Commonwealth currencies, but nothing dramatic,” says a senior trader in Sydney. “In terms of the Aussie and Kiwi, liquidity wasn’t really impacted – the voice brokers still have a strong franchise in Australasia and they probably had a better than average day.” Senior e-commerce managers spoken to also played down the impact of the outage on pricing engines. “Maybe a couple of years ago this would have caused problems, but most banks have put a lot of effort into improving and widening their data sources for the pricing engines,” says the e-commerce head of a global bank in London. “As far as our Asian colleagues are concerned there was no discernible impact on our ability to price, although we did hear of a few institutions widening prices on their platforms in certain currencies.”

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