Posted on 09/08/2008 3:29:10 AM PDT by TigerLikesRooster
London Stock Exchange trading hit by computer crash
By Jamie Dunkley
Last Updated: 11:18am BST 08/09/2008
Trading on the London Stock Exchange has been halted after a computer system failed on one of the most frantic days of trading seen so far this year.
No orders can be entered and no trade executions will occur, the exchange said on its website. The LSE plans to bring back trading in a “controlled way’’, but couldn't say how long that will take.
The glitch comes at a time when the LSE is facing strong competition from several rivals and on a day of heavy trading following the US bailout of mortgage lenders Freddie Mac and Fannie Mae.
Traders said the exchange was suffering an 'overloading' caused partly because the FTSE 100 ended down sharply on Friday so traders who were betting on further falls in the index would have to close their positions.
(Excerpt) Read more at telegraph.co.uk ...
Ping!
I guess the message is if you want to buy something hoping it will go up and you will profit, it’s fine.
If you think things will go to hell in a handbasket, you’re screwed.
So, just play the game! La Di Da! Kum-bay-ah!
I am reminded of a website that says investing in gold is for optimists. Buy beans!
We seem to be so happy with Palin that we have little to say about bailing out Fannie Mae and Freddie Mac.
Not good. Not good at all.
CNBC reported that the South African Exchange was also down with unspecified ‘computer problems’...
Keeping half-an-eye on the NYSE and NASDAQ — if they go down, I’d be suspicious of something deliberate happening...
(”Terrorism Not Suspected.. Nothing-To-See-Here, Move-Along-Folks”) [pat pend]
/paranoid ravings....
No need for conspiracy theories here...the FM/FM news is a really really big deal so it was just heavy volume that did it.
I just finished trading the night, and though stuff hit levels we rarely see, the actual trading worked just fine (US Treasury futures and Eurodollar futures, as well as the stuff we don’t trade but watch: Dow futures, which were up almost 300, German Bund, which is their 10-year treasury note, and Japanese NIKKEI, which is their Dow).
The stock markets disagree 100%. The DOW will open some 300 points higher and may even move higher during the day. The market has been dying for some stability in the credit markets, and this just may be the ticket to getting banks lending again.
The Federal government bailing out Wall Street's gamblers isn't good for taxpayers or our economic health. It only encourages more of the same. It is like negotiating with terrorists.
The “markets” may disagree.
What do you say to someone who worked their whole life for a company and was promised medical and other benefits, only to end up dying alone without a nickel in their pocket?
It’s an explosive situation.
Could you maybe explain your comment?
FARK had a good headline yesterday something like “Your mortgages? Their ours now”
Or maybe “Your mortgages? They’re ours now”
That would be a bummer to be caught short in a rally.
U.S. seizes Fannie and Freddie
CNN | 9/7/2008 | David Ellis
Posted on 09/07/2008 9:02:41 AM PDT by CodeToad
http://www.freerepublic.com/focus/f-news/2076709/posts
Fanny, Freddie, and Obama (They go way back)
The American Prowler | 9/8/2008 | The Prowler
Posted on 09/08/2008 12:13:06 AM PDT by nickcarraway
http://www.freerepublic.com/focus/f-news/2077144/posts
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