The London Stock Exchange last night defended its new closing auction process, whereby outstanding buy and sellorders are settled after the market closes. The process has thrown up a string of rogue prices and sparked a chorus of criticism from market players in recent weeks. Yesterday it was back down at Technical analysts, who divine market trends largely by monitoring closing prices, are warning that the distortions could make day-to-day comparisons meaningless.

Neither was the case. A couple of minor cases of this have come about in the last month or so, but Monday was serious, and if it were to continue would cause major problems. Sell orders at prices way above the stock's all-time high, which had appeared hopelessly unrealistic minutes earlier, were fulfilled.

The auction process was introduced two months ago to bring the exchange into line with European bourses. It aims to match up the day's outstanding buy and sell orders sterling silver stock price calculating a price that will satisfy as many orders as possible.

The Stock Exchange admitted last night that it has had to nullify a number of trades that went through at wild prices in recent weeks. It said it would aim to educate brokers rather than revise the system.

London Stock Exchange - Wikipedia

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London Stock Exchange (LSE) [Day Trading Wiki]

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