London Stock Exchange made a statement saying that the reason behind the trade delay on Thursday morning was a software glitch that caused the stock market not to open from 8 am till 9 am.
London Stock Exchange had planned to make their pre-open auction system available to the public before the usual opening time bracket. However, according to the LSE spokesperson, there was a technical difficulty that made traders unable to order into the system.
This was quite an issue, as the auction is the main mechanism that starts the trade, it presents traders with the starting prices for stock products.
Once the company was notified, LSE decided to delay the opening time until an investigation took place and ensured such a glitch would not occur again.
“Following resolution of the issue, members were notified at 8.40am that trading would commence at 9 am,” the spokesperson said. The LSE website posted an update, informing all traders that they could log back onto the system.
According to the spokesperson, trading continued normally after the system was restored and opened. No further information was given regarding the cause of the system failure.
Many users took to Twitter to joke about the glitch. “20 minutes in and for a change in fortunes, my portfolio isn’t red for the day… yet. Love it.”
Another said: “Rather glad I sold my #LSE shares the other week.. *unless it’s a takeover.”
Other Trade Difficulties
A notable number of other European trade companies were also faced with technical difficulties over the past few months. Back in March, Deutsche Borse had faced a serious technical difficulty that also caused their equities trading system opening to be delayed. In May, Euronext faced issues posting major indices, such as the French CAC 40.