Computer crash embarrasses LSE
When the London Stock Exchange (LSE) trading system crashed shortly before 9am yesterday who would have though that nearly a whole day's trade would be wiped out before the issue was resolved?
The news that the system was only resurrected about 30 minutes before the close of play yesterday has hit the financial headlines all around the world. The LSE is the second largest stock exchange in the world and events like this are just not supposed to happen. So what actually went wrong?
While there is no suggestion of foul play it seems as though the ongoing integration of Borsa Italia and a massive surge in trading just after the open may have been at the root of the problem. However, as you would expect, the LSE is not commenting further until the results of a full internal enquiry have been received.
As we commented yesterday, this could not have come at a worse time for the LSE with competitors literally queuing up to try and grab some market share from the exchange. Some are also suggesting that the more problems that the exchange experiences the more chance of a successful takeover attempt in the short to medium term.
While the reputation of the LSE may have been bruised yesterday there are still many companies around the world that would like to gain control of this leading financial powerhouse!
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