What's up at the LSE?

September proved to be a cruel month for the London Stocks Exchange. Competition was really heating up (Chi-X and Turquoise were up and running) when its own dark pool partner went belly up. But the real pain came on Sept. 8, when its systems broke down. LSE formally suspended trading at 9:15 a.m., and did not get the system up until about 4 p.m.--just 30 minutes before the close of the market, notes Waters. This, on one of the busiest days of the year. There is still a lot of lingering anger and unanswered questions. The LSE has yet to the glitch to the satisfaction of the technical community. It seems to have burned some bridges. At the same time, the woes at the LSE did not translate into tangible volume gains at its nascent competitors; the LSE remains the biggest fish to content with. All the more reason to mend relationships.

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