LSEG FX trading system returns to normal after glitches, say traders

The Indian foreign exchange trading system of financial technology and data provider ‍LSEG has resumed functioning, ​four traders said on Monday, following technical glitches in early trade.

The matter was resolved around 11.30 am after traders had flagged issues with execution of trades on the interbank order matching system more than two hours ​earlier, curbing ability to transact on the spot dollar/rupee trading platform.

LSEG did not immediately respond to a Reuters email seeking comment. The traders sought anonymity as they are not authorised to speak to the media.

LSEG is among a few entities besides banks authorised by the Reserve Bank of India to operate an electronic trading platform for transactions in the spot foreign exchange market.

 

While the technical issues hampered early trading activity for some banks, others were able to execute trades ‌in thinner trading volumes.

The rupee was quoted ​at 90.4025 per dollar, up 0.3 per cent on the day.

"Bid-offer spreads (on USD/INR) were relatively wider in early trading," said a trader at a Mumbai-based bank, referring to ‍the impact of the technical issues.

Previous such outages have caused intermittent volatility in the currency but ‍traders said ‌the room ​for sharp swings was muted ‍this time, as it was not close to key psychological ‍levels.