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| Version 1 | Version 2 |
|---|---|
| London Stock Exchange halts trading over computer error | London Stock Exchange halts trading over computer error |
| (40 minutes later) | |
| Trading has been suspended on the London Stock Exchange (LSE) after a technical malfunction. | |
| "The uncrossing trades at the opening auction are under investigation for potential cancellation," said a spokesperson of the exchange. | "The uncrossing trades at the opening auction are under investigation for potential cancellation," said a spokesperson of the exchange. |
| The trades are part of a computer algorithm used by the bourse to determine opening prices. | The trades are part of a computer algorithm used by the bourse to determine opening prices. |
| Trading still had not resumed when updated UK fourth quarter GDP data was released at 0930 GMT. | Trading still had not resumed when updated UK fourth quarter GDP data was released at 0930 GMT. |
| An LSE spokesperson added that orders-driven securities trading - which comprises the bulk of trading on the exchange - would be paused in the meantime, and she did not know when the problem would be fixed. | |
| Quote-driven trading is still continuing, but this form of trading is very small in comparison with order-drive trading. | |
| The exchange noted in a statement on its website that it had "moved its main market trading to the MillenniumIT system earlier this month," but without specifying whether this lay behind the error. | |
| Trading on the Borsa Italiana - which is owned by the LSE - was halted for three and a half hours on Tuesday, also because of a computer error. | Trading on the Borsa Italiana - which is owned by the LSE - was halted for three and a half hours on Tuesday, also because of a computer error. |
| According to the exchange, that incident was unrelated to Friday's London suspension, and the two exchanges use different technology platforms. | |
| "In this day and age, you simply cannot afford not to have your technology in duplication," said David Buik of brokerage BGC Partners, speaking on Bloomberg television, criticising the exchange's apparent lack of a back-up system. | "In this day and age, you simply cannot afford not to have your technology in duplication," said David Buik of brokerage BGC Partners, speaking on Bloomberg television, criticising the exchange's apparent lack of a back-up system. |
| "If it's not foolproof, where is the alternative?" he said. | "If it's not foolproof, where is the alternative?" he said. |