London Metal Exchange (LME) has signed a deal with MilleniumIT, a technology solutions provider that is part of the London Stock Exchange Group, to provide it with new surveillance software.
LME currently uses MilleniumIT's trading platform as one of its platforms for its derivatives market and will now upgrade its surveillance application to include real-time, multi-asset class surveillance.
The implementation will also allow for the integration of LME's current reference data management system, which it hopes will streamline operations and give LME greater efficiencies.
"MillenniumIT's surveillance application will provide us with a very flexible real time analysis of trading patterns," said Diarmuid O'Hegarty, Deputy Chief Executive at LME.
"This will enhance our ability to detect and query real or apparent market abnormalities. The flexibility of the surveillance platform will allow the LME to develop new alerts, to adapt to market changes and to manage volume growth."
Established in 1877, LME is the world's top non-ferrous metals market.
It was also recently revealed that Expontential-e is now offering customers direct trading connectivity to LME over its 'ultra-low latency' network.
LMEselect is the exchange's electronic trading platform, which Exponential-e's 250-plus financial organisations are now able to access directly.