In addition to Thursday’s LSE share price fall — triggered by concerns about the 20 per cent stake held by Borse Dubai — the exchange is also having some technical issues, which has left many traders flying blind.
From the LSE at 10.35am.
Due to ongoing technical difficulties, the Exchange has placed all order-driven securities in to an auction call period. The length of this period has not yet been decided and will be scheduled following resolution to the issue.
The market will be given sufficient notice of the scheduled uncrossing time. All quote driven securities should be considered indicative at this time.
An update will be provided in 15 minutes.
However, we are hearing a temporary fix has been put in place and traders are coming back online.
LSE share price update.
UPDATE 11am GMT:
Statement from the LSE:
At 10.33 the Exchange placed all order-driven securities in to an auction call period. The length of this period has not yet been decided however a minimum of 30 minutes notice will be provided ahead of the scheduled uncrossing time.
All quote driven securities should be considered indicative at this time.
The Exchange continues to investigate the root cause and will publish an update once further information is available.
UPDATE 11.45am GMT:
Statement from the LSE:
All order-driven securities remaion in an auction call period (there are no indicative uncrossing prices and volumes at this time). The length of this period has not yet been decided however a minimum of 30 minutes notice will be provided ahead of the scheduled uncrossing time (Indicative uncrossing prices and volumes will be reinvoked for this period).
Securities on the quote driven market remain tradeable however market maker prices are currently stale and therefore not firm.
The Exchange continues to investigate the root cause and will publish an update once further information is available.
Update 12.16pm GMT:
Statement from the LSE:
All order-driven securities remain in an auction call period (there are no indicative uncrossing prices and volumes at this time). The length of this period has not yet been decided however a minimum of 30 minutes notice will be provided ahead of the scheduled uncrossing time (Indicative uncrossing prices and volumes will be reinvoked for this period).
Securities on the quote driven market remain tradeable however market maker prices are currently stale and therefore not firm.
The Exchange continues to investigate the root cause and will publish an update within 20 minutes.
Update 1:05pm GMT:
Statement from the LSE:
As part of the Exchange’s recovery actions, customers may receive an intermittent disconnection and immediate reconnection.
All order-driven securities remain in an auction call period (there are no indicative uncrossing prices and volumes at this time). The length of this period has not yet been decided however a minimum of 30 minutes notice will be provided ahead of the scheduled uncrossing time (Indicative uncrossing prices and volumes will be reinvoked for this period).
Securities on the quote driven market remain tradeable however market maker prices are currently stale and therefore not firm.
The Exchange will publish an update within 15 minutes.Update: 1:25pm GMT
It lives!
Statement from the LSE: The London Stock Exchange will resume trading of all securities at 14:00hrs.
For order-driven securities, an auction call period will commence at 13:30hrs, with uncrossing scheduled for 14:00hrs.
For quote-driven securities market-maker prices will be considered firm as of 14:00hrs.
The Exchange will publish an update within 25 minutes.
Update: 2:15pm GMT
And we’re off again.
So, after nearly four hours of thumb twiddling, has the timeout settled anyone’s nerves?
Evidently not.