FX Markets

FX Trading Slows To Crawl As Black-Out Hits New York


Foreign exchange trading hit a snag Monday afternoon in New York that extended well into Tuesday, when a fire in an electrical substation caused a black-out in lower Manhattan. The outage affected almost all the major foreign exchange brokerage houses and many of the major banks.

Although some of the banks, including Citibank, were able to switch to back-up power systems, the absence of most of the major foreign exchange brokers and a good number of the banks significantly drained market

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