(March 18): UBS Group AG has been working to fix a global technology outage on Tuesday that impacted some of its trading business.
Some trading has been halted during the outage, according to people familiar with the matter who asked not to be identified citing private developments. The bank has identified the root cause and deployed a fix for the issue, meaning the situation should continue to improve, one of the people said.
A spokesperson for UBS declined to comment.
While brief delays or pauses aren’t uncommon, UBS’s outage comes at a busy time for markets as the conflict in the Middle East and fears about private credit boost volatility and spur more trading. On Monday, electronic trading on the London Metal Exchange was halted for a period of time during a critical moment in the metals' calendar.
In November, a data centre malfunction took down markets operated by CME Group Inc for hours, halting trading across equities, foreign exchange, bonds and commodities.
UBS on Wednesday announced it has completed the migration of former Credit Suisse clients to its own systems, marking a substantial step toward finishing the integration of the competitor it agreed to buy three years ago. The bank will now begin “the final phase” of the integration and it’s “on track to substantially complete” that by the end of the year, it said in a statement.
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