TP Icap, the world's largest interdealer broker, is grappling to get its systems back up and running after being hit by a massive network outage.
The blackout hit Tullett Prebon, part of the wider TP Icap group, at 4.50pm yesterday evening.
In a short statement this morning the firm said:
As of 7am GMT today, significant progress has been made in diagnosing the problem and initiating recovery. It is a network outage and not a cyber-attack.
"The incident has impacted the customers across our Tullett Prebon businesses. However, substantially all of ICAP’s businesses remain unaffected."
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The statement continued: "We have informed our regulators and our customers, and any transactions impacted by the outage have been identified and managed accordingly.
"The organisation is fully mobilised and working on this as a matter of urgency, and we will provide an update in due course, though we hope to have the issue resolved during the course of today."