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Stock Exchange to sell trading IT systems to India

MilleniumIT signs contract with Delhi stock exchange

The London Stock Exchange's MillenniumIT subsidiary has signed a contract with the Delhi Stock Exchange (DSE) to provide trading technologies.

The Indian deal will see MillenniumIT provide systems for equity, derivatives and FX trading, as well as clearing technology. The Millennium Exchange offering is marketed as "an ultra low latency, highly scalable trading platform offering low cost solutions" to exchange businesses around the world.

Tony Weeresinghe, CEO of MillenniumIT and director of global development at the London Stock Exchange Group, said: "India is a dynamic and fast developing market, and we look forward to working with the Delhi Stock Exchange to introduce a high speed, low cost trading solution to the Indian market."

A timetable for the implementation of the new DSE systems "will be announced in due course", according to the LSE. The value of the contract has not been disclosed.

The spread of very high performance trading systems may cause concern amongst some market-watchers. Algorithmic trading platforms such as Millenium Exchange have become so fast, with round trip latency on the London Stock Exchange nearing 120 microseconds, that a UK government panel warned in September that the technology was rapidly replacing human decision making, and that the right regulations needed to be introduced to protect stock markets.


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