And London calls itself the world's financial centre...?!

by Matthew Rock - Monday, 8th September 2008 - - Business comment

The US government announces that it's underwriting its two giant mortgage providers, Freddie Mac and Fannie Mae, unleashing a global sigh of economic relief. And what happens in London? The London Stock Exchange computers crash.

For the first time in a year, this morning might have brought some good news to investors such as me who've seen their share portfolios tumble to depressing lows. The decision to put the two mortgage giants into "government-operated conservatorship" could just mean that a line has been drawn under the plunging US (and thus, western) property market.

All the news channels are buzzing with news of sharp rises in equities, especially in the battered financial services sector. At last, some respite, I thought.

But no. For retail investors visiting online accounts, this was this morning's message. (This one is from Barclays Stockbrokers):

"Due to market-wide issues with the LSE price feeds we are currently unable to take any dealing orders. "We are in continual communication with the LSE and are working to resolve this issue as soon as possible. We apologise for any inconvenience caused."

And we say London is the world's financial centre. Ye Gods...

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