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London stock market floored by computer glitch

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Full trading has yet to restart on the London Stock Exchange after computer problems this morning forced it to suspend dealing.

The market rose nearly four per cent in early trading on the back of news from the US that the government is effectively nationalising Freddie Mac and Fannie Mae, which guarantee most of the US mortage market.

But at 9am trading was suspended as big banks lost their connection to the exchange. Some traders blamed an overloaded system following the US government decision.

A spokeswoman for LSE said: "We have started the reconnection process by making sure all customers are logged into the auction process, which starts and ends trading. That is still ongoing so we cannot give a time for full trading to restart." ®

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