“We have identified the cause of this disruption in a
third-party database. The database vendor has issued a patch and
we are making sure extra controls are in place to ensure there
is no repeat of this occurrence,” a Thomson Reuters spokeswoman
said.The outage began at 0831 GMT and lasted until 1005 GMT. The
last major disruption to Thomson Reuters Matching was in March
2011 and lasted four hours.Major currencies for which Thomson Reuters dealing is a
liquidity provider include sterling against the U.S. dollar
, the Australian dollar , and the New Zealand dollar
.Some market participants were able to switch to the rival
ICAP-owned EBS system during the outage.”It was a bit of an issue for a while, almost like having
your legs taken away, but we quickly found another host for the
relevant currencies. I would imaging EBS had quite a good day,”
one London-based trader who asked not to be named said.Another trader said: “A lot of the algos had to pull out
because they lost a source of price-checking. It felt to us like
it was a market from 10 years ago.”Spot volumes in Thomson Reuters Dealing and Matching
together reached $176 billion in September, the second-highest
month on record. Thomson Reuters does not break out separate
figures for the two systems.