The London Stock Exchange acquired Sri Lanka based MillenniumIT last year, primarily to replace its core trading system Tradelect but also to continue selling to other trading companies. The opportunity in the sector is actually quite big.
I was at The London Stock Exchange today for its full year financial results. It became obvious that although the company wants MillenniumIT to continue to sell to other companies, it will have to put most of its resources into a strict timetable of technology challenges.
"MillenniumIT's focus is currently on the London Stock Exchange and not sales", said one commentator.
And I can see why. It has to migrate the London Stock Exchange to MillenniumIT by mid September. Then Turquoise, the competitor it acquired, will be switched to MillenniumIT by the end of September.
By the end of the first quarter of 2011, the Milan exchange Borsa Italiana, Oslo and Johannesburg will move to MillenniumIT.
It must be a real change in a businesses mentality and must require some management.