London traders withhold judgement on Exchange late start

The jury is still out on whether a change in trading hours will salvage Sets - the London Stock Exchange's (LSE) electronic trading system. According to dealers who used the revised system on Monday, a quiet day of trading meant it was impossible to tell whether the changes will solve the rogue trading problem.

After widespread criticism, the opening of the Exchange has been moved to 9:00am from 8:30am because of 'rogue trades' being put through when few stocks are being bought and sold, causing prices to be exaggerated.

Alan Line, chief dealer at Foreign & Colonial and chairman of the Institutional Equity Dealers Association, a network of representatives from the largest UK financial institutions, said: "The change hasn't had much impact so far, although it did seem to open a bit better."

Another dealer said he is reserving judgement until after several days of heavier trading. The LSE said it will eventually make a statement on the amended hours after several weeks of trading.

Line added: "Improving things is a matter of people getting into different behavioural patterns. It's vital that we get the order book right at the beginning and end of the day."