Stock exchange trading system sets

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System also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy. That's what happened at the London Stock Exchange late inwhen it realised that its in-house core trading platform developed in.

Net, known as Tradelectwas no longer up to the job. The stock exchange says Tradelect saved the company from being taken over stock it enabled it to keep pace with electronic trading, but it could not keep pace with technology developments and without a faster, flexible and more reliable replacement the acquisitive vultures would be circling the London Stock Exchange once more.

Reducing cost and inmproving performance was necessary for the exchange at a time of increased competition, says PJ Di Giammarino, CEO at financial stock think-tank JWG-IT. The London Stock Exchange has stated that it aims to be a top-five global trading venue.

To achieve this it must have technology at least as good stock its competitors because, other than price, performance is the about most important attribute of a trading venue. Rik Turner, analyst at Ovum, says having one of the fastest trading systems is vital to an exchange with these ambitions because mergers and acquisitions are vital. The promise of a state-of-the-art trading system system attractive to potential partners and acquisitions. Turner says Millennium IT was always a niche developer and not just a low-cost development company.

After admitting it had a problem the stock exchange had to quickly find a replacement system. It did not have time to build a replacement itself because the market was moving too fast.

Competitors would be enhancing far superior systems while the stock exchange built from scratch. Tradelect, for instance, took four years to complete and this time around that was not good enough. So the exchange had to buy a system and it had a choice: It decided to buy the technology from a supplier. But to ensure it retained control of the software's development it bought the company that developed it. The MillenniumIT trading technology, which is built on Linux, was chosen and now the IT team at the London Stock Exchange had to replace Tradelect while the stock exchange continued to operate.

When millions of pounds are traded in stock even a few minutes offline can trading costly to trading and to the reputation of exchanges. In an increasingly competitive world the speed and reliability of trading systems has never been more important.

In preparation for the migration the stock exchange brought in a new CIO with the required experience. Antoine Shagoury joined in February exchange Shagoury worked for the American Stock Exchange Amex in as a consultant and became CIO inbefore leaving when the New York Stock Exchange acquired Amex.

While at Amex he implemented MillenniumIT's trading software. He says the migration of the London Stock Exchange to Millennium IT is the largest he has been involved in because of the number of members and partners of the exchange.

He exchange the move to Millennium IT is critical in helping the stock exchange reach its ambition of being a top global exchange. The technology will make stock exchange's trading system and more reliable, as well as making it quicker to introduce new functionality, he says. Millennium IT will help the stock exchange keep pace with changes through a software development technique that enables rapid changes.

This is known as BID business innovation-dynamicallywhich allows the exchange to make upgrades quicker and at lower cost which is vital in the trading sector.

During the migration from Tradelect to MillenniumIT the London Stock Exchange took control of competitor Turquoise. This is one of a new breed of trading venues, known as a multilateral trading facilities MTFs that sprang up after the introduction of the FSA's Markets in Financial Instruments Directive Mifid see box 2.

Turquoise offers traders the opportunity to trade off-the-exchange, where their activity cannot be seen by other traders, in a exchange environment known as a "dark pool". Turquoise became the pioneering guinea pig of MillenniumIT trading the London Stock Exchange management decided to migrate Turquoise to MillenniumIT first in October Shagoury says this was advantageous in that it prepared investment firms that use the main London Stock Exchange for the change.

It gave them time to get used to it. Turquoise quickly claimed to be the fastest trading platform in the world when it completed stock end-to-end in an average of microseconds. It also had a major outage but this was later revealed to have nothing to do with MillenniumIT but was actually a networking problem caused by human error.

It went live to its revised schedule at 8. The London Stock Exchange cannot afford these relapses during a period of consolidation in the trading sector.

The race to be the biggest and best is on. The chance to integrate sets exchanges onto a single platform has huge cost advantages and, if the right technology is chosen, performance improvements. It replaced the Sets electronic order book trading service, which was developed using Cobol in Algorithmic trading systems system and sell shares automatically when prices match predetermined levels.

Traders may hold shares for only milliseconds, and make small amounts sets money on massive volumes of trades.

As a result, the trading venues they use must be able to provide high speeds, high volumes and consistency. Downtime and slow trading can slash traders' revenue. New competitors to the London Stock Exchange, known as multi-trading facilities MTFshave emerged trading a result of the Markets in Financial Instruments Directive Mifidwhich was introduced in November to liberalise the sector.

MTFs such Chi-X and Bats have increased the performance and speed of system trading exchange, putting the London Stock Exchange under pressure. For example, Chi-X and Bats can complete trades in 0. Through MillenniumIT the London Stock Exchange will adopt a software development process it calls "BID" business innovation-dynamicallywhich could help it retain its competitive edge.

BID splits the development into three parts: This means it is faster and costs less to roll out a new software set-up. Stock exchanges regularly have to tweak systems to meet regulatory and business changes.

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