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LSE launches investigation into ‘suspicious’ trading after platform crash

The London Stock Exchange says preliminary investigations into the disruption of its cross-border platform suggest it could have been due to sabotage.

Turquoise, which trades the largest European stocks from the likes of France and Germany, went down on Tuesday morning with the Exchange stating that the human error “may have occurred  in suspicious circumstances”.

The FSA is believed to be one of the relevant authorities that the LSE has informed of the fault.

The glitch is the second to hit the LSE in the past month after an issue with a network card caused the LSE to close for over an hour on October 5, 2010.

The second glitch has resulted in the LSE delaying the adoption of the Turquoise platform for its main system until next year. LSE chief executive Xavier Rolet wants to move the exchange’s main order book trading platform SETS to technology already in use by Turquoise. The move is designed to make it both faster and more attractive to high frequency trading firms.

The LSE said: “In light of this incident, coupled with necessary network upgrades to address ultra low latency and high flow inherent in the new platform, the Group has regrettably been forced to postpone its main market LSE technology migration for SETS.”


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