Turquoise screens go black after IT glitch

A technical glitch brought down the London Stock Exchange's pan-European equity trading system Turquoiseyesterday, forcing a delay of more than an hour in its opening on the day after its IT platform was upgraded.

Turquoise was set to open at 8am but internal technical problems discovered overnight forced the exchange to postpone the system's opening until 9.15am, leaving some of Europe's largest investment banks and brokers unable to trade. Sources close to the exchange said an internal network error was behind the glitch. On Monday the exchange had switched Turquoise over to systems supplied by the LSE-owned technology firm MillenniumIT.

The LSE hopes the new IT platform will make Turquoise more attractive to controversial but lucrative high frequency traders, allowing it to better compete with faster rivals such as the bank-owned systems Chi-X Europe and BATS Europe.

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