Support The Moscow Times!

Forex Robot Loses Over $2M in 2 Minutes

A forex robot lost more than $2 million in two minutes in trading Thursday. Dmitry Abramov

Currency traders on the MICEX-RTS exchange managed to earn $4.3 million in two minutes thanks to a glitch in a piece of automated software that may have been in use by a large bank.

The loss sustained over that period by the entity operating the software totaled more than $2 million, a market source told Interfax.

"This situation reaffirms that robots will never replace people," the source said.

The glitch occurred at 6 p.m., when the software made trades over a two-minute span worth $700 million, purchasing dollars at a high rate (33.90 rubles per dollar) and selling at a lower rate (32.75 rubles per dollar).

Market participants told Interfax that a major bank could afford such software.

A spokesperson for the exchange told the news agency that it will not reveal who operates the software and that the trade would not be cancelled, saying that every market participant is responsible for its automated trading programs.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more