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.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

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 every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more