Glitch hits trade just days after LSE upgrades

CONFUSION reigned last night after a second consecutive day of technical glitches hit traders.

Technical errors hit brokers, allegedly as a result of data provided by the London Stock Exchange (LSE).

Zeroes intermittently appeared on some shares displaying LSE bid and ask prices, just one day after the auction close was delayed.

Data provider Thomson Reuters issued a service alert warning of the error, which said the glitch was “caused by an issue at the exchange.”

On Tuesday, the bourse failed to stop trading on schedule, running over by 42 seconds, causing problems for brokers.

Traders looking to invest in the day’s closing auction, which takes place after continuous trading closes, instead placed orders in the earlier period.

Many brokers look to invest in the day’s closing auction for clients wanting to trade on the closing price, which is formed during the period.

However, the LSE insisted yesterday’s error was not related to Tuesday’s problem and was not caused by its new software.

On Monday, the exchange migrated to an upgraded IT system provided by MilleniumIT, the Sri Lankan technology provider it bought in 2009.