London Stock Exchange probes outage at Refinitiv market data unit
Analysts are concerned integration costs of LSE’s purchase of the company will be heavier and cover a longer period than expected
London — The London Stock Exchange (LSE) said on Thursday it was investigating what caused an hours-long outage at its newly acquired Refinitiv market data unit.
Refinitiv's dealing platform is one of the biggest in the $6.6-trillion a day foreign exchange markets.
The outage on Refinitiv's Eikon platform prompted several subscribers who rely on its data for trading currencies and other assets to say on Twitter that they were unable to access prices.
Refinitiv says it has more than 40,000 customers and 400,000 end users.
After services resumed a spokesperson said an internal investigation was under way into the cause of the outage.
LSE completed its $27bn purchase of Refinitiv on January 29. Analysts expressed concerns in March that integration costs will be heavier and cover a longer period than expected.
Shares in LSE, which have fallen 20% so far this year, were up 1.24% on Thursday.
“This is bad news for the group not to mention that clients have been left high and dry with no trading and loss of crucial market data,” Securequity sales trader Jawaid Afsar said.
Thomson Reuters, owner of Reuters News, has a 15% stake in LSEG.
Trading liquidity on some of the world's biggest currency trading pairs such as the British pound were broadly unchanged during the outage compared to the previous day according to volumes traded on its platform.
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