A computer systems problem is being blamed for paralysing the London Stock Exchange (LSE) for several hours today - the last day of the financial year.

Share trading still had not started by mid-afternoon and traders were left at a loose end while the problem was investigated.

A spokeswoman for the LSE said the problem is with the exchange's price feed - the London Market Information Link.

"We will restart the system once we know the outcome, and we are doing everything we can to investigate the problem," she said.

She could not say what time the exchange would reopen, but said that it is considering an extension to market hours to "facilitate the completion of business".

Richard Holway of analyst group Richard Holway said: "Here we are on the last day of the financial year when everyone is trying to crystallise their financial gains, one day after the biggest fall on the Nasdaq in an extremely volatile market. Out of all the 365 days of the year for a system to go down to achieve maximum effect, today is the day."

A stockbroker who did not wish to be named said: "We are paralysed. Nothing like this has happened before. I am extremely annoyed."

See also:

London Stock Exchange takes safety steps

The London Stock Exchange is tightening its systems management and data quality controls to prevent a repetition of the system failure which closed the market for almost a day in April.  30 May 2000

Safe and secure investments

High-profile security glitches may have made the headlines during recent weeks, but resellers in the IT security market have reason to be thankful for the coverage.  04 May 2000

Stock dive hits more IPOs

Television web portal Yes TV has become the latest victim of the recent heavy share falls on the US and European stock markets.  17 Apr 2000

Andersen joins Stock Exchange glitch inquiry

The London Stock Exchange (LSE) has begun a joint investigation with Andersen Consulting into the software problem that caused a seven hour trading halt this week.  07 Apr 2000

City crash gives respite to dotcom stocks

London Stock Exchange (LSE) chiefs have yet to give a full explanation of what caused their computers to crash on Wednesday, but at least the failure gave some reprieve to hi-tech stocks that were otherwise in line for another hammering.  06 Apr 2000

Stock Exchange warned on 'risky' dotcom quotes

The London Stock Exchange (LSE) is being urged not to give risky hi-tech companies quotes which could harm its own and the IT industry's reputation.  03 Mar 2000

Stock Exchange launches new technology market

Techmark will link companies across markets.  27 Sep 1999

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