The Norwegian Stock Exchange will migrate trading to the London Stock Exchange's MillenniumIT trading system, cementing a partnership signed in 2009.
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The Oslo-based Norwegian Stock Exchange spent more than £5m to plug into the London Stock Exchange's previous core trading platform, known as Tradelect, in 2008 and signed a strategic partnership months later.
The MillenniumIT trading system was acquired by the London Stock Exchange (LSE) in September 2009, when it realised its existing system was no longer fit for purpose in an increasingly competitive sector.
In May last year the LSE revealed that Milan-based exchange Borsa Italiana, as well as the Johannesburg and Oslo exchanges, were to move onto MillenniumIT. But no date has been set for the Oslo migration in the latest announcement.
The LSE acquired Borsa Italiana in 2007 for £1.63bn. It has had an agreement with the Johannesburg Stock Exchange to co-operate on technology and development since 2001.
The LSE main exchange migrated to MillenniumIT earlier this year. This was originally delayed a little after the stock exchange's Turquoise platform, which had already moved to MillenniumIT, experienced downtime.
According to a Computer Weekly source, the problem had nothing to do with MillenniumIT but was "pure human error." The source close to the exchange said a contractor had mistakenly put a network change into the live environment rather than the test environment. The LSE has not confirmed this.
The attraction of being able to complete trades in microseconds is a major attraction for trading exchanges. Anders Brodin, deputy CEO and head of market places at the Oslo exchange said: "Oslo Børs has decided to use the London Stock Exchange's Millennium Exchange as it is one of the world's fastest trading systems. Latency has become an ever more important factor for market participants, and the implementation of Millennium Exchange will strengthen the competitive position of Oslo Børs."