By Devika Madhusudhanan Nair and Akanksha Khushi
March 17 (Reuters) – UBS Group’s global technology systems have been nearly restored on Tuesday after a brief incident that impacted some of its trading business, a person familiar with the matter told Reuters.
The bank has identified the cause and deployed a fix, the person said. UBS has not issued a statement on the incident, which was first reported by Bloomberg.
The incident comes as markets grapple with increased volatility due to the ongoing conflict in the Middle East and growing concerns regarding private credit.
Several other financial institutions have also recently faced incidents impacting their services, leading to a wider scrutiny of robustness of banks’ digital channels.
Lloyds Banking Group faced a glitch last week that allowed customers to see each other’s transactions online, the latest in a series of technical problems as banks around the world embrace digital services.
The London Metal Exchange the world’s oldest and largest market for industrial metals encountered an issue in its primary electronic matching engine on Monday causing electronic trading to enter a technical halt.
(Reporting by Akanksha Khushi and Devika Nair in Bengaluru; Editing by Maju Samuel)
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