Thursday 8 April 2021 12:28 pm

London Stock Exchange opens investigation after Refinitiv data outage

The owner of the London Stock Exchange today said it was opening an investigation into a long outage at Refinitiv, the markets data platform it acquired earlier this year.

The outage at Refinitiv’s Eikon software, which provides market prices, began at roughly 7.30 this morning.

Read more: London Stock Exchange Group faces investor revolt over CEO’s pay

Subscribers who use the service to access data for trading currencies and other assets said they were unable to access prices.

“We’re aware of an issue disrupting our service to customers,” London Stock Exchange Group said in a statement.

“We are currently investigating the cause of the issue and working hard to resolve the problem. We apologise to customers for the disruption.”

The company completed its $27bn takeover of Refinitiv in January, marking a new era for the index as a major new competitor to Bloomberg in the financial data market.

But analysts last month raised concerns that integration costs would be higher and the process would take longer than expected.

The stock market operator has warned it expects capital expenditure to hit £850m this year, with £150m of associated operating costs. It also said the merger will lead to job cuts.

Shares in LSEG are trading down roughly 20 per cent so far this year, though they pushed 1.2 per cent higher this morning despite the outage.

Read more: London Stock Exchange shares tumble on Refinitiv merger costs

It comes as the company faces an investor result over plans to hike chief executive David Schwimmer’s pay by £200,000.

LSEG said the pay increase for Schwimmer, who took home £6.9m last year, reflected its Refinitiv takeover deal.

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