Rates markets rattled as tech outage hits broker pricing feeds
Dealers widened spreads and pulled live curves after TP Icap’s pricing feeds went offline
Rates trading was disrupted today (July 19) after dealers lost access to data feeds used to price swaps amid the widespread tech outages caused by a faulty software update from cybersecurity firm CrowdStrike.
Tullett Prebon and Icap’s interdealer pricing feeds for interest rate products were offline for much of the day. Dealers that rely on this data to price trades widened their bid/offer spreads and ceased publishing live curves for most rates instruments.
“The main thing we noted this morning
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