FRAMINGHAM (04/07/2000) - The London Stock Exchange identified and fixed the software problem that caused it to shut down for almost eight hours on Wednesday.
The problem was caused by a component in the London Market Information Link, the system that sends real-time information from the exchange's central computer to market users.
As a result, trading and information systems were no longer in sync with each other and the data wasn't reliable, officials said.
To investigate the situation - and to keep wrong data from going out - the systems had to be shut down and restarted, a process that takes several hours, the exchange said in a statement issued yesterday.
While the exchange has backup facilities to guard against hardware failure, the fact that the problem had to do with real-time data, the backup systems couldn't be used - the data errors would have simply been replicated by the backup.