It is inevitable that a glitch will hit any system at some point in time. This Wednesday it was the turn of Currenex, which is widely regarded as one of the best platforms and technology providers in FX. A few years ago, few people would have even noticed if Currenex wasn’t working but, as its chief executive, Cliff Lewis, points out, it’s now too big to fly below the radar.
I was alerted to the problem when I was told that JPMorgan’s JPeX FX platform was down because of a problem with Currenex. I know that Currenex has numerous white-label deals, but I had no idea that JPM was one of them. Other platforms to experience problems included ODL’s and FXCM Pro.
Lewis was frank when asked about the issue. “Some of our customers were affected by problems at one of our three data centres. This affected one of the bank white labels, among other things. As you know, we run literally hundreds of white labels... Not all customers were affected but the fact that any were is completely unacceptable. We know what happened, caught the problem quickly and we’re back up completely.