Monday, Sept 8, 2008
Trading on the London Stock Exchange has been halted after a computer system failed on one of the most frantic days of trading seen so far this year.
No orders can be entered and no trade executions will occur, the exchange said on its website. The LSE plans to bring back trading in a “controlled way’’, but couldn’t say how long that will take.
The glitch comes at a time when the LSE is facing strong competition from several rivals and on a day of heavy trading following the US bailout of mortgage lenders Freddie Mac and Fannie Mae.
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Traders said the exchange was suffering an ‘overloading’ caused partly because the FTSE 100 ended down sharply on Friday so traders who were betting on further falls in the index would have to close their positions.
Simon Denham, founder of Capital Spreads, said; “It (trading) went down at 8.44 am. This happens on the LSE two or three times a year, but I can’t remember it ever having been down this long.
This article was posted: Monday, September 8, 2008 at 12:50 pm