(Bloomberg) -- The market maker Susquehanna International Group experienced outages on Monday amid a global selloff of stocks, according to people familiar with the matter.
The Bala Cynwyd, Pennsylvania-based trading firm was down and not facilitating some trades at some point during the day, said the people, who asked to not be identified because the details aren’t public. The scope and length of the outages isn’t clear, the people added.
A representative for Susquehanna didn’t immediately comment.
Market makers such as Susquehanna help facilitate trades by matching buyers and sellers, profiting from the difference between the bid and asking prices. When they shut down, orders can be routed to other market makers or directly to exchanges.
Other large players in the space include Citadel Securities, Jane Street Group and Virtu Financial Inc., according to data compiled by Bloomberg. Market makers’ revenue tends to rise in times of high volatility and trading volume.
Retail trading platforms Charles Schwab Corp. and Fidelity Investments also reported outages on Monday, though both said their issues had been resolved by the afternoon.
The S&P 500 Index fell as much as 4.3% on Monday, as investors fretted over a possible slowdown of the US economy and wider geopolitical tension.
©2024 Bloomberg L.P.
