ECON London Stock Exchange Suspends Trade

[Marthanoir]

--------------------------------------------------------------------------------

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

[Marthanoir]

Open again now after being closed for 3.5 hrs
Post a link when I get to a pc

[Marthanoir]

--------------------------------------------------------------------------------

London market resumes trading after hitch
Thursday, 26 November 2009 14:28
The London Stock Exchange resumed trading this afternoon after a technical hitch had put it out of action for three and a half hours.

The LSE began trading again at 2pm after earlier announcing that 'technical difficulties' had forced its temporary closure.

London's benchmark FTSE 100 index was down 1.84% at 5,266 points on the resumption of trading.

Advertisement
World stock markets fell sharply today owing to anxiety over a request by Dubai to delay payment of part of its debt.

Today's technical hitch affected 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:
https://kproxy.com/servlet/redirect..../1126/lse.html

[Deb Mc]

Wow, thank you for the updates! Makes me wonder how things will look tomorrow and Monday...

[Marthanoir]

--------------------------------------------------------------------------------

Reports
3pm Markets Update
Thursday, 26 November 2009 15:21
Global stock markets fell sharply this afternoon on mounting fears of a debt default by Dubai and tighter lending conditions in China. Wall Street markets were closed for the Thanksgiving Day holiday in the US.

London's FTSE was down 2.2% to 5,249 this afternoon, having earlier been forced to suspend trading for three and a half hours due to a technical hitch. Frankfurt's DAX was 2.2% lower at 5,674, while Paris was down 2.3% at 3,721.

The government of Dubai shocked financial markets yesterday when it said it would ask creditors of its Dubai World conglomerate for a debt moratorium of at least six months. Financial shares were particularly badly hit, with Royal Bank of Scotland down 8.3% to just under 33p and Aviva losing 5.2% to 374.5p.

Advertisement
In Dublin, the ISEQ slipped 77 points (2.7%) to 2,796, with Aer Lingus losing 8% to 53 cent and AIB down 8.7% to €1.58. Independent News & Media fell a cent to 15 cent after securing EGM approval for its restructuring plan.

In Asia, Tokyo fell 0.6% to close at 9,383, while the Hang Seng closed 1.8% lower at 22,210.


printable version


share this


Story from RTÉ Business:
https://kproxy.com/servlet/redirect....ketupdate.html

[imaginative]

Originally Posted by Marthanoir

Global stock markets fell sharply this afternoon on mounting fears of a debt default by Dubai

Apparently Dubai owes creditors 35 Billion due 11/30 and can only seem to raise (via borrowing) 5 billion to date.

Reports say that the airports are full of abandoned Benz's and Beemers from folks who will not be coming back.

[MamaDel]

down about -105 when I checked an hour or so ago.

MamaDel

[somdwatcher]

Dow futures down 190 now, European markets are down 3-3.5% across the board.

[Marthanoir]

Originally Posted by imaginative

Apparently Dubai owes creditors 35 Billion due 11/30 and can only seem to raise (via borrowing) 5 billion to date.

Reports say that the airports are full of abandoned Benz's and Beemers from folks who will not be coming back.

Yup. I've heard a lot of those stories, its a criminal offence punishable by a prison sentence to be in debt in Dhubai well unless your part of the.govt that is

[G-Man]

The LSE suspended trade earlier this morning 'due to ongoing technical difficulties,' it said in a brief statement.

HUH?
what liars they are -

Gulf emirate Dubai telling creditors of Dubai World and property group Nakheel that debt repayments would be delayed.

Fears of contagion spread widely, hitting world stocks,

European and Asian markets roiled by Dubai World default threat and down 1-3%.

http://www.timebomb2000.com/vb/showthread.php?t=349214

[Melodi]

Time to start watching the Sad Guys on Trading Floors site again, should be fun on Monday...http://sadguysontradingfloors.tumblr.com/

[BlueNewton]

Now wasn't this sort of thing just so predictable for the Thanksgiving weekend?

[TheSearcher]

Originally Posted by BlueNewton

Now wasn't this sort of thing just so predictable for the Thanksgiving weekend?

I had a weird 'feeling' of something going awry this day. I'm not claiming anything paranormal, just that market forces, or international tensions would let loose on a major American Holiday. Guess I was right.