Trading venues and banks hit by ongoing Microsoft-related outage

The London Stock Exchange is one of several exchanges impacted by the global IT issues, The TRADE understands.

The London Stock Exchanges regulatory news service (RNS) and reach announcements remain down as the repercussions of global technology issues related to Microsoft continue.

A spokesperson for the exchange explained: We are currently experiencing a third party technical issue which is impacting some of our services. There is no impact to securities trading on the London Stock Exchange. We are working on resolving this issue as soon as possible and will continue to provide updates to our customers.”

Several trading venues are also experiencing issues, The TRADE understands, with notices having been sent to members and some telephone lines affected.

According to sources, exchanges first noticed issues with their central counterparty clearing houses (CCP), however trading has been minimally affected.

As well as trading venues, banks themselves have been hit by repercussions from an alleged software update issue related to CrowdStrike’s antivirus software which caused Microsoft services to crash globally.

Microsoft has confirmed that the issues began on Thursday, 18 July 18 at 9.56pm UTC. 

The preliminary root cause was identified as “a configuration change in a portion of [our] Azure backend workloads, [causing] interruption between storage and compute resources which resulted in connectivity failures that affected downstream Microsoft 365 services dependent on these connections”. 

In a more recent update at 12.41am today, Microsoft 365 stated that it was in the process of investigating an issue impacting users ability to access various Microsoft 365 apps and services.

Specifically, these services include: PowerBI, Microsoft Teams, Microsoft Fabric, the Microsoft 365 admin centre, and Microsoft Purview. 

Seven hours ago, Microsoft asserted that progress was being made, with the business “working on rerouting the impacted traffic to alternate systems to alleviate impact in a more expedient fashion”. 

Read more: Market outages and resiliency a must watch area for market participants going forward

This news is set to fan the flames of ongoing regulatory pressure globally over maintaining the stability and resilience of the financial markets, with exchanges a key focal point – particularly as regards their communications during times of uncertainty.

More to follow…