Fundamental Interactions Inc. (FI), a leading provider of electronic trading systems, today announced that it has filed a lawsuit against Blue Ocean Technologies LLC and its CEO Brian Hyndman in the New York Supreme Court. The lawsuit accuses Blue Ocean of failing to upgrade its trading platform, which FI alleges resulted in significant system failures that have damaged FI's business and reputation.
NEW YORK, Sept. 25, 2024 /PRNewswire-PRWeb/ -- BOATS ATS is recognized for facilitating after-hours trading for U.S. equities, but FI claims that the platform has been running on insufficient hardware. This has led to major outages in April 2024 and on August. 5th, 2024, disrupting trading activities and impacting customers of BOATS ATS.
Further exacerbating the situation, on Aug. 5, 2024, major U.S. retail brokerages such as Robinhood, as well as international brokerage firms based in South Korea, were forced to suspend trading, with a portion of trades being canceled due to Blue Ocean's system failures. FI believes this recent disruption underscores
the ongoing infrastructure problems within Blue Ocean's operation of the trading system.
The lawsuit also alleges that these outages violated the Service Level Agreements (SLAs) between FI and Blue Ocean, which required the latter to upgrade its infrastructure to support growing trading volumes. FI contends that Blue Ocean failed to meet these contractual obligations, which directly contributed to the system breakdowns.
This lawsuit highlights the critical importance of dependable infrastructure in electronic trading, where system failures can lead to substantial financial and reputational losses.
ABOUT FUNDAMENTAL INTERACTIONS
Fundamental Interactions Inc. is the leading developer of enterprise market center technology platforms. Founded in 2011, it has continuously risen to challenges and opportunities posed by regulation, technology, and market structure shifts. Its products are widely deployed by securities exchanges, ATS systems, cryptocurrency exchanges, and inter-dealer brokers across a variety of asset classes including digital assets, and across geographic regions.
Media Contact
Shawn Sloves, Fundamental Interactions, 1 21-2845-9077 3, [email protected], www.finteractions.com
SOURCE Fundamental Interactions
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