September 9, 2008 / 12:10 PM / 11 years ago

LSE says systems fault not due to trading volume

LONDON, Sept 9 (Reuters) - The London Stock Exchange’s (LSE.L) failure on Monday was down to a software fault rather than high trading volume and has now been resolved, the exchange told Reuters on Tuesday. “It was software-related, a coincidence, due to two processes we couldn’t have foreseen,” a spokeswoman said.

“We’ve introduced a fix and we’re confident it will not happen again.”

She said the fault was not due to high trading volume. “That’s a red herring. We were able to eliminate that pretty quickly.” The problem, the LSE’s worst systems failure in eight years, occurred on what could have been one of London’s busiest trading days of the year as markets rebounded following the U.S. government’s decision to bail out mortgage companies Fannie Mae FNM.N and Freddie Mac FRE.N. (Reporting by Laurence Fletcher)

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