The stock exchange in Delhi will adopt trading technology from the London Stock Exchange (LSE) after MillenniumIT, the exchange’s technology unit, sold its trading technology to the exchange in India.
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Delhi will benefit from technology that can complete trades in microseconds.
The MillenniumIT trading system was acquired by the 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.
The LSE acquired Borsa Italiana in 2007 for £1.63bn, it has had an agreement with the Johannesburg Stock Exchange to cooperate on technology and development since 2001, and has a strategic partnership with Oslo.
The London Stock Exchange revealed it was a £50m technology supplier in its results in May, following the acquisition of MillenniumIT, and this is set to get bigger. In its latest financial year, the LSE made £18m worth of sales through its MillenniumIT trading software business, which it acquired for £18m, compared with £7m in the previous year. Its total technology revenue, which includes sales of datacentre and networking services, was £49m, compared with £39m last year.
Rik Turner, analyst at Ovum, said it is important for the London Stock Exchange to get more exchanges on board with MillenniumIT because they will be recognised as having a good technology.