Another JPMorgan Trading System Faced Outage Amid Rout Last Week
- Institutional trading platform is second known to have issues
- Bank tells clients in ‘post-mortem’ that volume led to delays
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JPMorgan Chase & Co. suffered a breakdown on its institutional stock-trading platform as orders flooded in during last week’s historic market rout.
JPMorgan’s U.S. electronic trading platform experienced an outage at Thursday’s close, impacting a system known as a smart order router, according to a note the bank sent to clients. That system is typically used to process algorithmic trades from hedge funds and decides how and when to send trade requests to different venues.