MEDIA: What The Papers Say - Red faces at Stock Exchange software error

The London Stock Exchange’s ’Blackout Wednesday’ (the Times, 7/4) was variously described as a ’meltdown’, ’severe embarrassment’, and ’chaos’.

The London Stock Exchange’s ’Blackout Wednesday’ (the Times, 7/4)

was variously described as a ’meltdown’, ’severe embarrassment’, and

’chaos’.



The single positive was the effective positioning of its message that

the crash was a software error, rather than the result of

cyber-crime.



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.



Cuttings by Durrants. More information can be found at:

www.echoResearch.com.



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