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LSE suspends trade on technical hitch
Thursday, 26 November 2009 12:46
The London Stock Exchange said today that it had halted trading due to a technical hitch, and after steep equity market falls linked to a debt default request by Dubai.
The LSE suspended trade earlier this morning 'due to ongoing technical difficulties,' it said in a brief statement.
'The length of this period has not yet been decided and will be scheduled following resolution to the issue,' it said.
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'The exchange continues to investigate the root cause and will publish an update once further information is available', it added.
The FTSE 100 was left stranded 99.8 points lower, or 1.8%, at 5,265, by the technical hitch, which affects more than 2,800 companies whose shares are traded on the LSE. During October an average £5 billion sterling worth of shares were traded on the exchange every day.
In September last year, City traders were also left powerless when a computer crash paralysed the market for seven hours during what should have been one of its busiest sessions of the year.
The stoppage - the longest in more than eight years - meant investors were unable to cash in on a stock market boom triggered by the US government's bail-out of mortgage giants Fannie Mae and Freddie Mac before the financial crisis struck just days later.
Today's problems come just a day after the LSE reported a 38% fall in pre-tax profits to £79.4m for the six months to September. The company is facing lower share trading volumes as well as increasing competition from the likes of rival trading platforms Chi-X and Turquoise.
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Story from RTÉ Business:
http://www.rte.ie/business/2009/1126/lse.html
LSE suspends trade on technical hitch
Thursday, 26 November 2009 12:46
The London Stock Exchange said today that it had halted trading due to a technical hitch, and after steep equity market falls linked to a debt default request by Dubai.
The LSE suspended trade earlier this morning 'due to ongoing technical difficulties,' it said in a brief statement.
'The length of this period has not yet been decided and will be scheduled following resolution to the issue,' it said.
Advertisement
'The exchange continues to investigate the root cause and will publish an update once further information is available', it added.
The FTSE 100 was left stranded 99.8 points lower, or 1.8%, at 5,265, by the technical hitch, which affects more than 2,800 companies whose shares are traded on the LSE. During October an average £5 billion sterling worth of shares were traded on the exchange every day.
In September last year, City traders were also left powerless when a computer crash paralysed the market for seven hours during what should have been one of its busiest sessions of the year.
The stoppage - the longest in more than eight years - meant investors were unable to cash in on a stock market boom triggered by the US government's bail-out of mortgage giants Fannie Mae and Freddie Mac before the financial crisis struck just days later.
Today's problems come just a day after the LSE reported a 38% fall in pre-tax profits to £79.4m for the six months to September. The company is facing lower share trading volumes as well as increasing competition from the likes of rival trading platforms Chi-X and Turquoise.
printable version
share this
Story from RTÉ Business:
http://www.rte.ie/business/2009/1126/lse.html
