I wouldn't want to be Rabobank's IT manager this morning (see article below)!
From today's Wall Street Journal:
LONDON (Dow Jones)--An abrupt dive in sterling early Wednesday stemmed from a computer failure at Dutch bank Rabobank (RBK.YY), traders at two banks said.
The pound plunged by a hefty 1% within around one minute at the outset of European trading hours, hitting a low of $1.5166 against the dollar before quickly springing back. Knock-on effects were seen in sterling's patterns against other currencies too.
The move lacked any solid fundamental trigger, but traders at other banks said that Rabobank's electronic trading systems inadvertently attempted to sell up to GBP3 billion in sterling against the dollar before they were switched off. Generally quiet summertime trading conditions probably accentuated the move. Rabobank didn't respond to requests for comments.
Ouch!
Relax and chat about anything not covered elsewhere.
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