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.

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.

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.