IG Group Holdings Plc, one of UK’s largest brokers has confirmed that its internet dealing platform was offline this morning as a result of technical issues.
This may have led to client losses as traders took to social media to vent their discomfort with the situation. A particular trader named Stephen Banavage tweeted thus: “platform seems to be back. But what happened to my open trades? You just closed them at a loss. V unprofessional. I’m disgusted”. A contingency method was initiated at the time as the clients called in to execute trades via phone orders.
The company put out the following statement confirming the situation: “IG confirms that its internet dealing platform was offline this morning. The platform issues are partially resolved and according to our records in the recent hours traders are able to execute. If any IG clients continue to experience difficulty they can reach our trading desk on +44 207 896 0000 and live updates are available on twitter from @IGClientHelp”.
Following the IG group platform freeze, tweets from the company as regards the matter goes thus: “Yes, the platform is currently down. Please call if you need to deal: +44 207 896 0000.” This reassuring message was communicated by Mr. Anton Larsson, who is an IG Group Sales Executive.
Evidently, IG Group Client Help also tweeted, sending out the similar message to their peers: “We’re continuing to experience problems with the platform, please call if you need to deal: +44 207 896 0000.”
Interestingly, this incident is similar to the problems that bloomberg platform faced last week Friday. For Bloomberg this have resulted to the reported 30% drop in FX trading volume on Friday. From rumours it was said that this timeout was caused by a coke spill. The outage presented an idle day for many professional traders as the terminal was down for a few hours.