Issues with websites and platforms have added to the market’s woes
There’s another underlying story behind these market moves and that’s widesrpead outages in the webspace, particularly at financial firms and brokers. Brokers like Vanguard and Charles Scwab, as well as investment houses Wealthfront Inc and Betterment LLC suffered problems yesterday. Today there’s been several further outages at email providers, retail brokers,as well as other tech services and platforms. IB have been having issues with live prices and have removed intraday margins for all futures trading. We’ve noticed issues woth some of our platforms here. Update: Dukascopy was also down today.
If there’s one thing that can accelerate a panicky market, it’s people being locked out of their trading accounts, or with issues getting fills. That can often lead to even greater selling as that fear ramps up and they try any means possible to get their orders in. That can also lead to a big uptick in usage and big hikes in internet traffic that might cause systems to overheat. It’s a big snowball effect.
Maybe there is something going on behind the scenes, and maybe it’s not really market of fundamentally related. Maybe there’s some virus hitting the interwebs that’s helping to cause mayhem. What ever it is, parts of these market moves don’t make sense and that means there might be something fishy going on.
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