The London Stock Exchange’s ’Blackout Wednesday’ (the Times, 7/4)
was variously described as a ’meltdown’, ’severe embarrassment’, and
The single positive was the effective positioning of its message that
the crash was a software error, rather than the result of
Little solace could be gained, however, when the ’simple technical
glitch’ shook the worldwide reputation of the London Stock Exchange as a
primary international trading system, particularly given that the error
negated the most important trading day of the year.
At home, brokers angry at their revenue loss, and investors facing
larger than expected tax bills, muttered about compensation claims.
Internationally, Frankfurt Deutsche Borse helpfully noted that it had
avoided any similar technical problems, boosting its position in the
forthcoming merger talks.
Despite boss Gavin Casey coming forward with his hands up quickly,
assertions by brokers that he was ’toast’ (the Times, 7/4) made a quiet
retirement look appealing.
Analysis and commentary by Echo Research.
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