The Oslo stock exchange is to spend more than £5m to plug into
the London Stock Exchange's core trading platform, in a move that
will allow it tobenefit from the platform's scalability and
flexibility.
Both firms signed a letter of intent to form a strategic
partnership that will allow Oslo Bors to use the
Tradelect core trading platform.Tradelect is a complex piece of
in-house middleware developed as part of a £40m, four-year
technology programme completed in June 2007.
Tradelect, which already supports the Johannesburg stock
exchange in South Africa, will replace the system currently used by
Oslo Bors.
Tradelect has also take over trading of the
Milan-based exchange Borsa Italiana which the London Stock
Exchange acquired for £1.63bn on 1 October
It is estimated the project to migrate the Tradelect system will
cost Oslo Bors about £5.2m. The cost of using Tradelect would be
around the same as using the current trading systems if current
volumes are taken into consideration.
Oslo Bors said in a statement: "Tradelect is a new and
state-of-the-art trading system, and has already proved to be a
stable and efficient platform for equities trading. The system
offers flexibility not only for future changes in requirements and
additional functionality, but also for increases in capacity and
enhancements to response times (latency)."
