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+ - London Stock Exchange: What really went wrong->

Submitted by DMandPenfold
DMandPenfold (1108673) writes "The London Stock Exchange has made a U-turn on the system requirements placed on data vendors such as Thomson Reuters, Interactive Data and Bloomberg, after three weeks of problems since the launch of its new trading platform.

The decision, to fundamentally change the timing and systems around closing share price data recording, was made following a heated meeting with the providers that addressed significant disparities in quoted share prices.

The move has been widely welcomed by vendors, which provide share price data from the LSE to traders, and compete on speed and quality. A number of them had expressed real opposition to the changes that the LSE pushed through as it moved to a new platform. The exchange declined to comment on the issue.

The LSE set its new Linux-based, C++ written matching engine, Millennium Exchange, live on 14 February. The problems after the launch, including a four-hour outage last week, highlight a number of technology and project management issues – as well as what appear to be efforts by some organisations to establish who has the final say in technology changes around the exchange.

A rule had come into force with the new platform that vendors had to set their systems to report closing prices at 16.30 each day – after the end of normal trading but before the daily closing auction.

This week, the LSE hosted an emergency conference call with vendors – including Thomson Reuters, Interactive Data, Morningstar and SIX Telekurs – to address the data problems. On the call, held on Tuesday, data providers said the changes were leading to serious share price problems.

The LSE’s rule, insisting on taking closing prices at 16.30, has now been ..."

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London Stock Exchange: What really went wrong

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