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London Stock Exchange clients request extra system dress rehearsal

The London Stock Exchange has added a third unplanned dress rehearsal of the launch of its new core trading platform, after its trading firm clients asked for more time to prepare.

The exchange originally planned two dress rehearsals of the launch of its trading on the MillenniumIT platform in October but has decided to add a third. This will be on 30 October.

The exchange said clients had requested the additional test run.

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.

A spokesman said clients had requested extra time to prepare and the stock exchange had always planned for this.

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

• October 2010: Dress rehearsal 3

• November 2010: Go-live

• November 2010: Contingency go-live date


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