The London Stock Exchange (LSE) is nearing a decision on the future of its core trading software, Tradelect.
The company said in June that Tradelect, which has been operating for two years, following four years of planning at a cost of £40m, could be retired as it considers its options amid fierce competition.
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According to a report in the Wall Street Journal, LSE CEO Xavier Rolet said itis close to a decision on replacing Tradelect, anin-houseplatform that uses Microsoft .Net technology.
No longer competitive
In June, the stock exchange said that Tradelect brought next-generation technology to the company, but it now needs to replace it or upgrade it to keep pace with changes in the industry. "The question is whether we can keep competing with Tradelect. It did the job of keeping us competitive and giving us next-generation technology, but it is now six years since we started on the project."
A spokesman said today that the stock exchange's position has not changed.
But one source said the LSEis trying out at least one platform from a third party supplier and an announcement is expected soon.
Chris Skinner, CEO at think-tank The Financial Services Club, said replacing Tradelect is a difficult task. "If itwants to buy off the shelf, it will be difficult to be competitive because most platforms are tied to competitors.
"It hasto replace Tradelect because it is no longer competitive," he added.