Posted September 16, 2009
“Improving our technology and increasing our competitive position in the
fast-moving trading environment is vital,” says Xavier Rolet, Chief
Executive of the LSE Group. “This transaction enables the LSE Group to
implement a new, more agile, innovative and efficient IT capability for
our future business development as well as running a new cash trading
platform which will provide substantially lower latency, significantly
higher capacity and improved scalability. It will also offer cost saving
opportunities in the future and give the Group a footprint in
MillenniumIT’s high performance technology will provide the LSE Group
with a highly scalable and very low latency in-house developed trading
system with multi-asset class functionality and quicker product speed to
market. In addition, the transaction will give MillenniumIT the backing
of the LSE Group to enable it to develop further its global exchange
technology business.
MillenniumIT will retain its culture of innovation and creativity, build
on its commercial operations and continue serving its existing clients,
with its CEO, Tony Weeresinghe, reporting directly to Rolet. ”The LSE
Group’s backing gives us the resources to continue supporting our
existing customers, expanding the company into other markets and
investing for the future,” says Weeresinghe.
The LSE Group will begin migrating clients to MillenniumIT’s trading
system from the end of 2010, replacing TradElect, Infolect, and other
interfaces. The new platform will allow the LSE Group to enrich its
functionality, in particular for Italian clients, with the possibility
of accommodating both trading after hours and stop loss orders.
“MillenniumIT is a leader in developing low cost high performance trading platforms and financial markets software,” says David Lester, Director of Information and Technology, LSE Group. “Going forward, as well as serving existing and new clients, they will be the LSE Group’s in-house software development team, gradually replacing our current suppliers and bringing intellectual property and know-how fully within the company.”