Off-Market Quote Leads To Hiccups On EBS Forex Brokerage Service
ELECTRONIC Broking Service (EBS), the automated interbank foreign exchange dealing system, was hit by two separate operational glitches on May 8. Both incidents were dealt with by EBS staff with minimal impact on the service, say EBS officials. In the first instance, 200 forex transactions had to be unwound after traders unwittingly hit an off-market quote. Later that day, EBS was hit by a 10-minute power outage caused by a switch being accidentally turned off.
The first incident followed a
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