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| London Stocks Exchange. PHOTO | BBC |
London Stock exchange delayed for some hours after a software glitch. Fiona Cincotta of City Index said that power fluctuations and little misconfiguration triggered the software.
"After a rare delay, trading on the FTSE finally kicked off almost two hours later than usual on Friday. The opening auction started at 09:20 with stocks opening for trading at 09:40, well after the standard 08:00 am start in what was the longest glitch since 2011. This is the second glitch in two years, the last one was a year ago saw the FTSE open 1 hour late." she stated.
"There is no hiding from this one, the two-hour delay to open is an embarrassment for LSE and raises plenty of questions over the group’s technology. The timing is pretty horrendous for LSE, just weeks after it sealed a deal to buy Refintiv, in its quest to become a global market and information powerhouse. LSE’s reputation as one of the most reliable stock exchanges in Europe is starting to be questioned. " She stated.
The glitch is estimated to cause £890M loss in 2 hours. The glitch happened in the last 20 years ago. Most affected trade signal includes; EURO USD and EURO GBP
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