London Stock Exchange technology sales up
The growth of the London Stock Exchange’s MillenniumIT software has outstripped the wider business, with a 19% increase in sales of its trading software
The growth of the London Stock Exchange’s MillenniumIT software has outstripped the business as a whole in the last six months, with a 19% increase of sales of its trading software.
The exchange acquired Sri Lanka-based software maker MillenniumIT for £18m in September 2009, when it needed to replace its ailing .Net-based trading platform, known as Tradelect.
Through the acquisition the stock exchange gained a Linux-based core trading platform, offshore support in Sri Lanka as well as an existing business that sells software into the trading sector. This includes core trading software as well as surveillance systems.
In the six months to the end of September, the London Stock Exchange made sales worth £349.8m, of which the MillenniumIT business made £11.4m in sales, which was 19% higher than the same six months last year.
Total technology sales were £25.6m for the period. It is on course to significantly increase sales this year. In the full year 2011 the exchange made £18m sales from MillenniumIT.
Recent deals include MillenniumIT providing smart order routing technology to the Hong Kong exchange and the London Metal Exchange using its surveillance software. Other users of MillenniumIT include the stock exchanges in Delhi and Milan.