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LONDON MARKETS : London Stock Exchange Suffers Worst Outage In 8 Years

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08/16/2019 | 07:58am EDT

By Steve Goldstein, MarketWatch

Blue chips could not trade for 100 minutes

A fault at the London Stock Exchange prevented blue-chip British companies from trading on Friday for over an hour, the longest such outage in 8 years.

What was called a "technical software issue" kept FTSE 100 and FTSE 250 companies from opening until 9:40 a.m. local time. Volumes for top U.K. companies lagged their European peers on Friday even after the re-opening.

That's the second outage in 14 months for the LSE (LSE.LN) , which recently inked a $27 billion pact to buy Refinitiv, a provider of financial data and infrastructure.

Related:Five things you need to know about the LSE-Refinitiv merger

Other problems have plagued financial markets this week (https://www.wsj.com/articles/data-errors-plague-stock-traders-in-volatile-week-11565875642). A glitch at the New York Stock Exchange impacted market pricing data on Monday, and on Tuesday, data providers showed incorrect closing prices after what Nasdaq said was a brokerage executing trades on the wrong day's closing prices.

The LSE's other exchanges, including the AIM and Borsa Italiana, operated as normal on Friday.

LSE shares rose 1.1% after the outage in a broadly better day for global markets.

This being the age of social media, Twitter had a few jokes, while the LSE itself was curiously silent, with its last communication being about the need for "persuasive communication in the corporate world."

(https://twitter.com/GeordiePhilUK/status/1162263955336650753)

(https://twitter.com/LSEplc/status/1162034761256169473)

Stocks mentioned in the article
ChangeLast1st jan.
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
LONDON STOCK EXCHANGE -0.09% 6832 Delayed Quote.68.34%
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