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Technology Stocks : ARM Holdings (Advanced RISC Machines) plc.

ARMH 67.77

0.0%

Sep 6 5:00 PM EST

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To: Mats Ericsson who wrote (493)	4/5/2000 8:49:00 AM
From: Mats Ericsson	of 912

BBC: Glitch causes London share chaos Wednesday, 5 April, 2000, 10:57 GMT 11:57 UK A unprecedented day for the FTSE leader board UK share trading is almost at a standstill on one of the most important days of the tax year due to technical problems at the London Stock Exchange. For the second time this week, figures for major indices such as the FTSE 100 are unavailable. However, the situation is worse than on Monday as no individual share prices are available either. The London Stock Exchange confirmed it had a fault in its electronic feed that sends the prices to dealers. It is taking down the feed and rebooting which means there will be no trading before 1530 local time (1430 GMT) at the earliest. This would leave just an hour's trading time on a normal day. No normal day However, Wednesday is no normal day. Not only is it a crucial session following the violent price swings in US stock markets on Tuesday, but it is also the final day of the tax year on which hundreds of thousands of private investors buy and sell shares to minimise their liability to capital gains tax on the profits. There have even been suggestions that if the problems are not rectified, the government should extend the tax year to allow investors to complete their portfolio reshuffling. Other dealers reported rumours that trading hours for the day may be extended to cope with the backlog or they could be moved to another exchange. Richard Hunter, head of the dealing service division at Natwest Stock Brokers told BBC News Online that major institutions would have to be interested in continuing to deal after the normal close of trade if liquidity were to be maintained in the market. He said the London Stock Exchange was talking to such institutions before deciding on an extension in trading hours until about 2000 local time (1900 GMT).

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