The outage on Tuesday 2nd November of London Stock Exchange’s new Millennium Exchange system at its Turquoise MTF (see FT articles here and here) has elements of the mystery thriller about it. LSE’s announcement that “human error” which ”may have occurred in suspicious circumstances” was to blame has intrigued us all but there are other open questions to ponder.
The announcement talks of “necessary network upgrades to address ultra low latency and high flow inherent in the new platform” but it is not clear whether these upgrades are a direct result of the human error discovered on Tuesday or unrelated problems which have emerged in parallel. What does seem clear, however, is that they are non-trivial, since LSE has not specified a date by which the upgrades will be completed.
If LSE is to re-establish confidence in the Millennium system and its market development programme it is vital that these mysteries are cleared up and a credible revised migration plan put in place rapidly.