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Technical glitch halts LSE trades Technical glitch halts LSE trades
(31 minutes later)
The London Stock Exchange has suspended trading due to a technical problem that has affected its trading system. Trading has restarted on the London Stock Exchange after technical problems interrupted the trading system for most of the day.
A spokesperson said "connectivity issues" meant traders could not connect with the LSE trading platform. The FTSE 100 share index hit 5,440.20 points shortly after 0900BST but there were no further trades until 1600, half an hour before its usual closing time.
The problems mean that no share trades have gone through, the LSE said. It plans to restore trading at 1600, half an hour before its usual closing time. Shortly after the restart, the FTSE was 190 points higher at 5430.8.
The FTSE 100 share index hit 5,440.20 points shortly after 0900BST and has remained at that level since then. The LSE said "connectivity issues" had meant traders had not been able to connect with the LSE trading platform
Meanwhile, trading on the US-based Intercontinental Exchange (ICE) futures platform was also temporarily halted on Monday. Trading on the US-based Intercontinental Exchange (ICE) futures platform was also temporarily halted on Monday.
A spokesperson for ICE - where oil, natural gas and agricultural commodities are traded - said the system was back up and running.A spokesperson for ICE - where oil, natural gas and agricultural commodities are traded - said the system was back up and running.
Orders but no tradesOrders but no trades
An incident report on the LSE website said connectivity was suspended at 0915BST. "No one can enter or delete orders at this time," the report said.An incident report on the LSE website said connectivity was suspended at 0915BST. "No one can enter or delete orders at this time," the report said.
The London Stock Exchange said connectivity had been re-enabled at approximately 1145BST.The London Stock Exchange said connectivity had been re-enabled at approximately 1145BST.
But the market is not yet fully functioning. After that time, traders could enter or delete share orders, but the trades could not be executed. As a result, there were no accurate share prices.
Now that connectivity has been re-established, traders can enter or delete share orders, but the trades cannot yet be executed. Accurate share prices were restored at 1600 when the market began to fully function again after its break of almost seven hours.
As there are no trades going through, there are no accurate share prices. At 1600, the system of what is called continuous trading began, where the system matches buy and sell orders automatically and executes the trades.
Only when the system is fully up and running at 1600 will accurate prices be restored. The LSE said it was not extending trading hours.
That phase is called continuous trading when the system matches buy and sell orders automatically and executes the trades. A similar technical problem occurred at the LSE in November last year.
Trading was also suspended due to connectivity problems in November last year. At that time, the trading session was extended by an hour and a half after problems with data feeds led to incorrect prices being sent out.
The trading session was extended by an hour and a half after problems with data feeds led to incorrect prices being sent out.