Software glitch shuts down LME e-trading platform

Software glitch shuts down LME e-trading platform

Traders at the London Metal Exchange (LME) were forced back on to the open-outcry floor on Monday after a software glitch shut down the exchange's electronic dealing platform for most of the day.

A software upgrade was carried out over the weekend and the platform was launched at 1am in London on Monday, says a Financial Times report, but the system was shut down around nine hours later when European trade was more active.

The LME has not stated the cause of the glitch but said that Cinnober Financial Technology, the Swedish vendor that developed the platform, was working on the problem. The exchange did not disclose how many contracts were affected by the disruption.

According to the report the shutdown was the most serious disruption since the LME Select was launched in 2000 and forced trading of copper, aluminium and nickel back on to the open-outcry floor.

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