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London Stock Exchange trading hit by computer crash

Posted By admin On September 8, 2008 @ 12:50 pm In Money Watch | Comments Disabled

Jamie Dunkley
London Telegraph [1]
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.

(Article continues below)

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.

Full article here [1]


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URLs in this post:

[1] London Telegraph: http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/09/08/bcnlse108.xml

[2] Stock Exchange crippled as technical hitch halts trading: http://www.prisonplanet.com/stock-exchange-crippled-as-technical-hitch-halts-trading.html

[3] Trading halted on Egyptian stock exchange after market plunges 6.25% — in 15 minutes: http://www.prisonplanet.com/trading-halted-on-egyptian-stock-exchange-after-market-plunges-6-25-in-15-minutes.html

[4] Tanks Gather Outside Of Cairo Stock Exchange, As Market Plunges In First Day Of Trading: http://www.prisonplanet.com/tanks-gather-outside-of-cairo-stock-exchange-as-market-plunges-in-first-day-of-trading.html

[5] Another Exchange Halts Levered OTC Gold And Silver Trading: http://www.prisonplanet.com/another-exchange-halts-levered-otc-gold-and-silver-trading.html

[6] “Technical Glitch” Takes Down Australian Stock Exchange: http://www.prisonplanet.com/technical-glitch-takes-down-australian-stock-exchange.html

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