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London Stock Exchange crippled by system outage:
LONDON (Reuters) - The London Stock Exchange (LSE.L: Quote, Profile, Research, Stock Buzz) suffered its worst systems failure in eight years on Monday, forcing the world's third largest share market to suspend trading for about seven hours and infuriating its users.
The problem occurred on what could have been one of London's busiest trading days of the year, as markets rebounded worldwide following the U.S. government's decision to bail out mortgage companies Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz).
"We have the biggest takeover in the history of the known world ... and then we can't trade. It's terrible," one trader said.
The Johannesburg Stock Exchange, which uses the LSE's trading platform TradElect, also suspended trading.
"This halt today clearly has once again damaged (the LSE's) reputation as a leading exchange, especially on a day like today, highlighting that it may have been unable to handle the volumes this morning," added another trader.
The exchange would not say whether volume was the issue and declined to give details on what had caused the problem. But angry customers were demanding an explanation.
"We want answers as to how this happened in the first place and reassurances that it will not happened again," said Angus Rigby, chief executive of brokerage TD Waterhouse.
The LSE, the world number-three exchange by traded volume in the first half of this year, opened for trading as usual at 0700 GMT, but connectivity problems left some brokers unable to trade. It was then forced to suspend trading to ensure some market players were not disadvantaged.
The Exchange finally got trading going at 1500 GMT -- half an hour before it was due to close.
"We had to sit on our hands and wait for fragmented and at times ambiguous announcements as to when the LSE would be up and running ... It's ironic that since 2:30 today we've been able to trade, and get a fair market value on Barclays or any other ADR (American depository receipt) on the New York Exchange, but not on the LSE," said Rigby.
The UK Financial Services Authority, in its Financial Risk Outlook 2008 report, says the risk of such infrastructure failures is growing with the rise of electronic trading and straight-through processing.
SYSTEMS UPGRADES
The LSE plans a series of system upgrades and is migrating Italian equities to its trading platform TradElect this month.
Monday's trading suspension was the longest suffered by the exchange since April 5, 2000, when problems with an older trading system led to an eight-hour suspension.
On June 17, the Milan Stock Exchange, which the LSE acquired in October 2007, suspended trading due to technical difficulties. On November 7 last year the LSE itself experienced a connectivity problem with its real-time market data system Infolect which connects to TradElect.
The outrage came at an embarrassing time as the LSE fights new entrants. In a letter to the Financial Times on Monday LSE Chief Executive Clara Furse defended the exchange's position, describing TradElect, which the bourse introduced last year, as "the cutting edge".
Nasdaq OMX Europe, a cash equity platform set up by transatlantic exchange group Nasdaq OMX (NDAQ.O: Quote, Profile, Research, Stock Buzz) to rival European bourses such as LSE and Deutsche Boerse (DB1Gn.DE: Quote, Profile, Research, Stock Buzz), will start on September 26. NYSE Euronext (NYX.N: Quote, Profile, Research, Stock Buzz)(NYX.PA: Quote, Profile, Research, Stock Buzz) said it will launch a pan-European market in November
The LSE faces growing competition from new entrants and its share price has fallen sharply as a result this year.
Turquoise, a cash equities trading venue backed by nine investment banks, as well as Chi-X Europe, owned by Nomura (8604.T: Quote, Profile, Research, Stock Buzz) and investment banks, are both gaining market share. Both said on Monday they were trading normally.
The LSE outage coincided with a system failure at the Intercontinental Exchange (ICE.N: Quote, Profile, Research, Stock Buzz) (ICE), which shut trade across London commodity markets for more than an hour. According to an ICE official there was no apparent link between the two.
(Additional reporting by Simon Falush and David Sheppard; Editing by Andrew Callus and David Holmes)
Já agora o LSE TradElecté:
LSE TradElect system goes live
18 June 2007
TradElect, the London Stock Exchange's new electronic trading system, has gone live.
The new technology platform has been developed using the Microsoft .NET Framework, with support from Microsoft and Accenture, and marks the final phase of the Exchange's four-year Technology Road Map project. TradElect enables significant increases in both speed of trading and system capacity.
"The introduction of TradElect, the culmination of a four year investment in next generation technology, will deliver a step change in trading capabilities to the London market," said David Lester, chief information officer at the Exchange. "As high-frequency algorithmic traders look globally for pools of liquidity in which to find alpha opportunities, TradElect sets new benchmarks in terms of system capacity and performance."
The exchange made the strategic decision to replace its technology rather than adapt existing, outdated technology. Customers have had access to test environments for the past nine months, and the past two months have seen three market weekend dress rehearsals to prepare market systems for cutover.
TradElect enables the market to execute trades fully and resiliently in around ten milliseconds. This builds on the performance of the Exchange's information dissemination platform, Infolect, which was launched in October 2005 and provides the market with a full-depth view of company prices within two milliseconds. These levels of performance should drive further increases in trading volume and allow new market strategies to be applied in London.
TradElect also increases the Exchange's capacity, initially fivefold, to enable significant trading growth. TradElect's capacity would be sufficient to handle the current trading transactions for all European equities, and the system enables the Exchange to further double capacity on demand, at less than one fifth of previous costs.
The new platform has been designed to the highest levels of resilience with comprehensive back up, which includes dual processing at two sites and recovery from component failure within a second.
"TradElect's launch underlines the Exchange's commitment to invest continuously to improve market efficiency for the benefit of all traders, investors and listed companies. Together with a long-standing reputation for full transparency of information, strong regulation and progressive fee reductions, the London markets are underscoring their leading global position," said Lester.
Ps: se reparem nem aquilo a correr em cluster os salvou
LONDON (Reuters) - The London Stock Exchange (LSE.L: Quote, Profile, Research, Stock Buzz) suffered its worst systems failure in eight years on Monday, forcing the world's third largest share market to suspend trading for about seven hours and infuriating its users.
The problem occurred on what could have been one of London's busiest trading days of the year, as markets rebounded worldwide following the U.S. government's decision to bail out mortgage companies Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz).
"We have the biggest takeover in the history of the known world ... and then we can't trade. It's terrible," one trader said.
The Johannesburg Stock Exchange, which uses the LSE's trading platform TradElect, also suspended trading.
"This halt today clearly has once again damaged (the LSE's) reputation as a leading exchange, especially on a day like today, highlighting that it may have been unable to handle the volumes this morning," added another trader.
The exchange would not say whether volume was the issue and declined to give details on what had caused the problem. But angry customers were demanding an explanation.
"We want answers as to how this happened in the first place and reassurances that it will not happened again," said Angus Rigby, chief executive of brokerage TD Waterhouse.
The LSE, the world number-three exchange by traded volume in the first half of this year, opened for trading as usual at 0700 GMT, but connectivity problems left some brokers unable to trade. It was then forced to suspend trading to ensure some market players were not disadvantaged.
The Exchange finally got trading going at 1500 GMT -- half an hour before it was due to close.
"We had to sit on our hands and wait for fragmented and at times ambiguous announcements as to when the LSE would be up and running ... It's ironic that since 2:30 today we've been able to trade, and get a fair market value on Barclays or any other ADR (American depository receipt) on the New York Exchange, but not on the LSE," said Rigby.
The UK Financial Services Authority, in its Financial Risk Outlook 2008 report, says the risk of such infrastructure failures is growing with the rise of electronic trading and straight-through processing.
SYSTEMS UPGRADES
The LSE plans a series of system upgrades and is migrating Italian equities to its trading platform TradElect this month.
Monday's trading suspension was the longest suffered by the exchange since April 5, 2000, when problems with an older trading system led to an eight-hour suspension.
On June 17, the Milan Stock Exchange, which the LSE acquired in October 2007, suspended trading due to technical difficulties. On November 7 last year the LSE itself experienced a connectivity problem with its real-time market data system Infolect which connects to TradElect.
The outrage came at an embarrassing time as the LSE fights new entrants. In a letter to the Financial Times on Monday LSE Chief Executive Clara Furse defended the exchange's position, describing TradElect, which the bourse introduced last year, as "the cutting edge".
Nasdaq OMX Europe, a cash equity platform set up by transatlantic exchange group Nasdaq OMX (NDAQ.O: Quote, Profile, Research, Stock Buzz) to rival European bourses such as LSE and Deutsche Boerse (DB1Gn.DE: Quote, Profile, Research, Stock Buzz), will start on September 26. NYSE Euronext (NYX.N: Quote, Profile, Research, Stock Buzz)(NYX.PA: Quote, Profile, Research, Stock Buzz) said it will launch a pan-European market in November
The LSE faces growing competition from new entrants and its share price has fallen sharply as a result this year.
Turquoise, a cash equities trading venue backed by nine investment banks, as well as Chi-X Europe, owned by Nomura (8604.T: Quote, Profile, Research, Stock Buzz) and investment banks, are both gaining market share. Both said on Monday they were trading normally.
The LSE outage coincided with a system failure at the Intercontinental Exchange (ICE.N: Quote, Profile, Research, Stock Buzz) (ICE), which shut trade across London commodity markets for more than an hour. According to an ICE official there was no apparent link between the two.
(Additional reporting by Simon Falush and David Sheppard; Editing by Andrew Callus and David Holmes)
Já agora o LSE TradElecté:
LSE TradElect system goes live
18 June 2007
TradElect, the London Stock Exchange's new electronic trading system, has gone live.
The new technology platform has been developed using the Microsoft .NET Framework, with support from Microsoft and Accenture, and marks the final phase of the Exchange's four-year Technology Road Map project. TradElect enables significant increases in both speed of trading and system capacity.
"The introduction of TradElect, the culmination of a four year investment in next generation technology, will deliver a step change in trading capabilities to the London market," said David Lester, chief information officer at the Exchange. "As high-frequency algorithmic traders look globally for pools of liquidity in which to find alpha opportunities, TradElect sets new benchmarks in terms of system capacity and performance."
The exchange made the strategic decision to replace its technology rather than adapt existing, outdated technology. Customers have had access to test environments for the past nine months, and the past two months have seen three market weekend dress rehearsals to prepare market systems for cutover.
TradElect enables the market to execute trades fully and resiliently in around ten milliseconds. This builds on the performance of the Exchange's information dissemination platform, Infolect, which was launched in October 2005 and provides the market with a full-depth view of company prices within two milliseconds. These levels of performance should drive further increases in trading volume and allow new market strategies to be applied in London.
TradElect also increases the Exchange's capacity, initially fivefold, to enable significant trading growth. TradElect's capacity would be sufficient to handle the current trading transactions for all European equities, and the system enables the Exchange to further double capacity on demand, at less than one fifth of previous costs.
The new platform has been designed to the highest levels of resilience with comprehensive back up, which includes dual processing at two sites and recovery from component failure within a second.
"TradElect's launch underlines the Exchange's commitment to invest continuously to improve market efficiency for the benefit of all traders, investors and listed companies. Together with a long-standing reputation for full transparency of information, strong regulation and progressive fee reductions, the London markets are underscoring their leading global position," said Lester.
Ps: se reparem nem aquilo a correr em cluster os salvou