Bolsas y Mercados Españoles Witnesses Trading Outage
Bolsas y Mercados Españoles (BME), the Spanish exchange consortium that includes the Barcelona, Bilbao, Madrid, and Valencia Stock Exchanges, suffered a technical glitch this morning that interrupted trading in Madrid for five hours.
BME is still investigating the cause of the interruption, but among national exchanges the BME has proven historically conservative in its view toward high-frequency trading (HFT) and algorithmic technologies, which last Wednesday caused electronic broker Knight Capital Group to lose $440 million after a trading program failed at the New York Stock Exchange.
Most recently, the exchange group has focused its technology developments on new market data and analytics products, though in May announced preparations for a co-location implementation later this year that could underpin greater HFT activity.
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