UBS suffers slowdown
It has become an unwritten rule between the banks that they do not comment when each others’ platforms suffer glitches. And it makes sense not to express any schadenfreude, because the nature of technology means we all have an IT nightmare at some stage.
Still, word reaches me that UBS has had to resort to quoting wide prices on its platform this week because of a problem with its data feed. “We have experienced some temporary problems following a major upgrade to our systems over the weekend. The cause of the problem has been identified and is being resolved rapidly. We have kept our clients fully informed of the situation, and we have continued to service them via traditional (non-electronic) channels during the brief periods of system unavailability,” UBS confirms. It’s funny how IT upgrades always resort in performance downgrades, at least in the short term.