London Stock Exchange enhances IT

The London Stock Exchange has set itself a busy schedule of IT projects, beginning with the completion of the integration of Italian trading to its Tradelect...

The London Stock Exchange has set itself a busy schedule of IT projects, beginning with the completion of the integration of Italian trading to its Tradelect trading platform.

The stock exchange announced its full-year results today,reportinga loss of just over £250m before tax. This was the result of it taking a charge of nearly £500m, largely related to its acquisition of the Borsa Italianaexchange. Its pre-tax profit last year was £227m.

David Lester, CIO at the London Stock Exchange, said the migration of trades from Borsa Italiana's Affari platform to Tradelect is almost complete. The London Stock Exchange bought the Milan-based Borsa Italiana stock exchange for £1.63bn in June 2007.

In November, the exchange transferred the 360 company shares listed on the Italian system to Tradelect. It will complete the migration of all trading in the next few weeks, said Lester.

The IT department's last couple of years have been dominated by building and introducing its latest core trading platform, Tradelect.

"The focus for technology is moving to the next phase," said Lester.

Major projects in the next year will includeupgrading the interface that traders use to trade on the London Stock Exchange. Lester said the Fix and Fit interface will make connectivity easier.

He said Tradelect can now complete a trade in 3.7 milliseconds, but the IT team will continue to reduce this.

The exchange will also launch its Baikal trading system in two phases. This is what is known as a dark pool, which allows traders to execute shares without displaying the pre-trade prices to rivals.

"We have selected Fidessa and Quanthouse as our technology and information partners," said Lester.

The company is also replacing a 20-year-old system used for trading derivatives by moving these trades to the Sola platform from the Toronto/Montreal exchange.

Trades from the Oslo Bors, which the London Stock Exchange has a partnershipwith, will also be migrated to Tradelect this year.

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