Traders frustrated as IT glitch crashes LSE
Saturday 26 February 2011
Bosses at the London Stock Exchange (LSE) were left with red faces yesterday after a technical glitch brought trading down for the entire morning, the second time it has suffered IT problems in a week.
The group discovered a fault with the data feeds just minutes before the session was to open, which left some market participants unable to see up-to-date pricing. The fault forced it to halt trading for just over four hours, the biggest outage in London since November 2009.
Xavier Rolet, the chief executive of the LSE, was contrite: "We sincerely regret the inconvenience that today's disruption to trading has caused our customers."
The LSE switched to its new MillenniumIT trading system last week, and it has suffered a series of glitches causing brokers to complain that their websites were not showing correct market prices. This has led to some market participants referring to the "Millennium Bug".
When the markets failed to open as usual yesterday, the LSE posted a statement saying it was "investigating potential system issues during the opening auction call period". One trader at a large City firm said after the halt on the market that his colleagues "were just sitting around twiddling their thumbs".
He criticised the LSE for not keeping the market fully informed of what was happening: "We just wanted to know what's going on. This was pretty embarrassing for the LSE."
A spokeswoman for the exchange said: "In pre-market auction it became apparent that some people were seeing prices and others weren't." The LSE engineers found the problem and fixed it, allowing trading to open at 12.15pm.
This comes just three days after trading on the LSE's Italian market, Borsa Italiana, was also brought down for much of the day by a computer fault. The exchange did not get operations running until 3.30pm.
MillenniumIT has been running on the LSE's Turquoise trading venue since October, and several problems occurred on the first day. Since then, the spokeswoman said, it had run fairly smoothly.
- 1 Games of Thrones actor Lena Headey makes emotional promise to her unborn daughter
- 2 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 3 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 4 Female Muay Thai champion hustles coaches to give them a beating
- 5 Picture of couple posing with beached dolphin 'that later died' causes outrage
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
Female Muay Thai champion hustles coaches to give them a beating
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...