When the screen stops, the order may still be live

platformPublished 20 October 20261 min readmulti asset

Key points

• An outage is an operational event. It is not evidence about the market’s direction.
• You need a way to reach the firm when the preferred screen is down.
• Authorisation does not mean the service will be continuous.

What is going on

Firms have incidents: a login failure, a data-feed stall, an order that is acknowledged late, a product that is suspended, a collateral call that arrives while the screen is down. FINRA, the SEC and the FCA publish rules and notices about business continuity, complaints and, in some regimes, client assets. Those publications set duties. They do not list today’s incidents.

Why it matters

The practical questions are whether an order can be cancelled by another channel, whether a fill received during the outage will be reported, and how long the firm says it may take. A complaint process is a procedure with a time limit. It is not a reversal of a market loss.

What to watch

Before relying on one screen, read the firm’s alternative contact, its statement on working orders during an interruption, and its complaints policy. Write them down while the screen still works.

Risks

Losses from a market move during an outage can fall on the client even when the firm later explains the incident. This note does not grade any firm’s uptime.

Separate the risks

Market risk is the price move. Credit risk is the firm not paying. Operational risk is a failed process, including technology. Liquidity risk is the inability to exit near the displayed price. Regulatory risk is a change in what the firm is allowed to offer. A single ‘platform risk’ label hides which of those is actually in front of you.