London Stock Exchange hit with technical glitch

26th Nov 2009 | 15:09

London Stock Exchange hit with technical glitch

Malfunction downs the system for three and a half hours

The heart of the UK's financial system stopped working today, as a technical glitch halted the trading of shares of the London Stock Exchange.

Computer problems were to blame for the share-trading blackout, which had echoes of last September when the LSE was struck with its worst-ever system failure.

Ongoing technical difficulties

The FTSE 100 index was frozen at 5,264.97 when trading was stopped at 10:38am. Luckily trading resumed again at 14:05pm, but shares had slumped by 1.9 per cent.

The official statement for the cause of the trading halt is as follows: "Due to ongoing technical difficulties, the Exchange has placed all order-driven securities in to an auction call period."

If you can work out what an 'auction call period' actually is, then we applaud you for your financial nous.

If, like us you checked Encyclo.co.uk for the answer, then you will know it is "a period of time when there is no automatic execution on an order book". So there you go.

The latest update from the LSE is that "all instruments are now in continuous trading".

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