Microsoft outage disrupts structured notes trading
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Document-heavy OTC trades upended as term sheets and confirmations languished in outboxes
The massive global Microsoft outage brought trading in some complex derivatives to a virtual standstill as dealers were left unable to negotiate terms and exchange legal documents without email.
Structured notes suffered the biggest disruption as transactions cannot be completed without the exchange of several legally binding documents – including prospectuses, pricing supplements and confirmations
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