Microsoft outage gums up markets, forces traders to use phones

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A major Microsoft outage disrupted Outlook, Teams and Copilot, hampering communication across financial markets and government offices.

Microsoft Outlook went dark on Rita Elkazzi just as a volatile week in markets was coming to an end. As swings in AI stocks and bonds kept traders on edge, the UBS Group AG execution-sales head for Australia and New Zealand was forced onto phones and alternative channels to communicate.

“It’s been a bit of a disaster and I can’t believe still not resolved,” said Sydney-based Elkazzi. “It means a lot more diligence on ensuring trade recaps et cetera are accurate.”

Elkazzi’s experience is echoed by many after Microsoft Corp. suffered one of its most severe disruptions in recent memory. The tech giant is still struggling to restore access to some of its flagship software hours after an outage began, affecting its Outlook, Teams and Copilot systems. The difficulties in communicating efficiently have hindered workflows on trading desks, delayed corporate disclosure and even affected email access for Japan’s Ministry of Finance.

In Singapore, traders reported some banks’ inability to complete financing deals. Meanwhile, a few Indian brokerages sent out alerts to the potential impact on their services, with IIFL Capital Services informing their clients that there could be a delay in responding to emailed queries.

Australia’s main exchange operator ASX Ltd. told customers it’s aware of an issue affecting some Microsoft 365 services including email, adding that the bourse’s services remain available for normal operation. Workhorse Group Inc., a US truck and bus manufacturer, said it would postpone its earnings release.

In Japan, the government’s shared IT platform also experienced disruptions, with the finance ministry saying it can’t receive emails due to the outage.

Among those affected is Calvin Yeoh. The portfolio manager at hedge fund Blue Edge Advisors said he can’t check emails and is struggling to access brokerage reports and some trading platforms that require email authentication.

“Outlook is the appendix of the modern financial operations world,” said Yeoh.

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