March 16, 2020 / 7:19 PM / 21 days ago

JPMorgan's trading platform faced outage amid market weakness last week - Bloomberg News

March 16 (Reuters) - JPMorgan Chase & Co's U.S. electronic trading platform experienced an outage at Thursday's close, affecting a system that is typically used to process algorithmic trades from hedge funds, Bloomberg News reported here on Monday, citing a note the bank sent to clients.

Another platform that caters to the bank's wealth-management clients also broke down Thursday afternoon, the report said, adding that both the breakdowns happened due to overwhelming volume that flooded the platforms.

On Thursday, the Dow Jones index recorded its worst day since 1987 as President Donald Trump's move to restrict travel from Europe compounded corporate distress in the face of the coronavirus pandemic.

JPMorgan said the issue was ultimately resolved overnight, and it would contact clients for any required reconciliation, the report said.

The bank did not immediately respond to a Reuters request for comment. (Reporting by Manojna Maddipatla in Bengaluru; Editing by Ramakrishnan M.)

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