CIO interview: London Stock Exchange can be a top five global player

The London Stock Exchange has the potential to sit at the top table of global exchanges, according to its newly appointed CIO

The London Stock Exchange has the potential to sit at the top table of global exchanges, according to its newly appointed CIO.

In an interview with Computer Weekly, Antoine Shagoury said the MillenniumIT trading platform, acquired by the London Stock Exchange in September 2009, was "one of the main enablers" for the LSE to become a world-leading exchange.

Shagoury said although the exchange had already set its course, there was still a lot to do. "This is a phenomenal opportunity. The trading sector is in a state of flux and there is a big opportunity to expand," he said.

 

Why is Antoine Shagoury the man for the job? 
 
  • He has an engineering background with a focus on systems and networks in his early career
  • He then developed client applications
  • He developed his business acumen while working at New York-based trading system Instinet. Then owner Reuters encouraged technical staff to be client orientated and therefore to understand trading firms
  • Shagoury joined Amex in 2003 as a consultant and became CIO in 2004, before leaving when the New York Stock Exchange acquired Amex
  • While at Amex he implemented MillenniumIT's trading software

 

Legislation in the form of the Markets in Financial Instruments Directive has liberalised the trading sector and technology is igniting fierce competition.

Shagoury said his new role at the London Stock Exchange is the broadest remit he has ever had. His initial challenges will be finding operational efficiencies and transferring the stock exchange to its new platform.

He has experience of working with MillenniumIT in his previous job as CIO of the American Stock Exchange (Amex), which is MillenniumIT's biggest stock exchange project to date.

MillenniumIT will put the London Stock Exchange on a level playing field with the leading exchanges, Shagoury said.

Latency of platforms is becoming less important as all platforms become capable of completing trades in microseconds. "It comes down to being flexible and service orientated," he said.

The stock exchange's CIO, David Lester, who now takes charge of the integration of trading venue Turquoise in his new role as director of information services, said last year the exchange's ambition was to become one of the top five global exchanges.

 

Antoine Shagoury's career to date 
 

2003-2009 American Stock Exchange (now a NYSE Euronext Company)

  • 2004-2009 Executive vice-president, chief information officer, American Stock Exchange
  • 2003-2004 Consultant, ECN/hybrid trading/business development, American Stock Exchange

1993-2003 Instinet Corporation

  • 2002-2003 Chief technology officer, Instinet Services
  • 2000-2002 First vice-president, corporate operations and administration, Instinet Services
  • 1999-2000 Vice-president, IT global risk management, Instinet Services
  • 1995-1999 Director, global network architecture and planning, Instinet Services
  • 1993-1995 Manager, advanced client site engineering, Instinet Services

1990-1992 Datastream Corporation

 

 

 

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