London Stock Exchange to test trading system this weekend


London Stock Exchange to test trading system this weekend

Karl Flinders

The London Stock Exchange is holding a dress rehearsal for the launch of its new core trading platform this weekend.

The company plans to fully switch trading to the platform it acquired when it took over software service provider MillenniumIT in September last year.

The stock exchange paid £18m for Sri Lanka-based MillenniumIT when it realised its existing .Net-based system, Tradelect, was not up to the job.

Xavier Rolet, chief executive of London Stock Exchange Group, said, "[MillenniumIT] enables the 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."

The stock exchange originally planned to go live in September this year, but this will now be put back to November to give clients more time to prepare.

The Turquoise trading platfom , which is owned by the London Stock Exchange, went live on MillenniumIT on Monday this week.

Timeline for introduction of MillenniumIT trading system:

  • July 2010: Launch of self certification service
  • September 2010: Early access service available
  • October 2010: Dress rehearsal 1
  • October 2010: Dress rehearsal 2
  • November 2010: Go-live
  • November 2010: Contingency go-live date

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