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Gone in Milliseconds

June 2016

Millennium Exchange is the latest and fastest trading platform and has created an invisible world where trading worth billions of dollars is executed in milliseconds. Here’s how

Adopted and successfully functioning on the London Stock Exchange since 2011 the electronic trading platform, Millennium Exchange, has since been adopted in over 40 sites across the world. Recent additions have included Borsa Italiana in Milan, Johannesburg Stock Exchange and the Mongolian Stock Exchange.

Based around Linux and Sun Solaris Unix, and using Oracle databases, Millennium Exchange came about as a replacement to the Microsoft.Net based TradElect platform, which was seen responsible for a series of outages, the most highlighted one being the 7 hour shutdown in September 2008. Since then, it has established itself as the fastest exchange systems in the world with trading times of 0.091 milliseconds.

Besides speed, what is helping this product fast establish itself as the backbone of modern day trading? Firstly, it has been configured to trade any product in any type of market – cash and derivative products on equities, fixed income, commodities and currency can be traded on almost any type of market structure, including order-driven, quote-driven and hybrid market structures. It is built on a rule-based, distributed, and fault tolerant technology, enabling it to be highly reliable, scalable, and flexible to meet specific needs.

Technology-Trends-1In a period where equity markets have been reeling under a plethora of factors including fear amongst participants amidst heightened volatility, Millennium Exchange has aided the service providers (exchanges) with a lowering of costs – its patented BID technology (Business Innovation Dynamically) separates business rules from the underlying technology, so that a customer’s solution can be uniquely configured without changing the product code.

In a short span of time, the product has established itself on account of an offering of reliability, flexibility, performance and low cost of ownership. Going ahead, it is bound to find favor amongst the global trading community as the race in trading continued with the increased adoption of High Frequency Trading.

2015 highlights for the system as enlisted in London Stock Exchange Groups annual report

  • A range of key worldwide technology deliveries and agreements were completed, with financial sectors firms from Canada, India, Morocco, Peru and South Africa
  • Aequitas NEO Exchange (Canada) and Bolsa de Valores de Lima (Peru) both were delivered MillenniumIT capital market solutions which have gone live
  • Oslo Børs, Norway’s national stock exchange, has extended its contract to continue using Millennium’s trading platform. The exchange migrated to Millennium in 2012

Looking forward, MillenniumIT will be instrumental in LSEG’s strategy to integrate and consolidate LCH.Clearnet’s multiple post trade platforms. In 2016, MillenniumIT is working on the go-live of a Post Trade platform for the Singapore Stock Exchange (SGX), and is extending its Order Routing system for Hong Kong Exchanges & Clearing Ltd (HKEX) and trading and surveillance systems for India’s National Commodity & Derivatives Exchange (NCDEX).

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