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Strange Stock Exchange Glitch

Strange Stock Exchange Glitch - The London Stock Exchange says it has launched a probe after a "suspicious" glitch brought down one of its trading systems.

Named Turquoise, the stock exchange's European-wide trading platform was knocked out of action for two hours.

The LSE said in a statement that "human error was to blame for the disruption" which began shortly after 8am on Tuesday.

It added: "Preliminary investigations indicate that this human error may have occurred in suspicious circumstances."

A full internal investigation has been launched by LSE and City authorities have been informed.

LSE's chief executive Xavier Rolet has been keen to migrate the company's main order book trading platform to a new technology that is already in use by Turquoise.

The aim is to make it faster and more attractive to high-frequency trading firms that generate huge volumes.

However, the Turquoise outage incident "coupled with necessary network upgrades" has now forced the stock exchange to postpone the change until next year.

The glitch is the second to hit Turquoise in less than a month, after a problem with a network card forced the exchange to shut the system for over an hour on October 5.

Turquoise had then just moved across to the new technology platform and was being used as a dry run for the subsequent migration of the main UK order book.

A source close to the exchange claimed the LSE was set to announce its decision about the timing of the main order book switch this week.

After the October failure, some of the LSE's largest investment bank clients asked it to postpone the move of the far larger Sets trading book, arguing a repeat of the problem on a bigger scale would be far more serious.

Strange Stock Exchange Glitch
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