MillenniumIT to power London Metal Exchange

MillenniumIT announced its selection by the London Metal Exchange (LME) as the solution provider for the new LME SMART (System for Matching and Registering Trades) matching system.

With the deployment of LME SMART, exchange Members will be able to save a part of their clearing fees. Further, MillenniumIT’s rule-based matching technology used in LME SMART will make it easy for the LME to deploy new services and make rapid changes to existing service configurations at minimal cost, thereby meeting the future needs of its members.

“The Exchange is pleased to appoint MillenniumIT as the solution provider for LME SMART.

They have demonstrated to us their success of working in global capital markets and have already acquired an in-depth understanding of the specifics of our market. We look forward to developing a world class matching system with them for the LME,” said Chief Technology Officer of the LME, Michael Warren.

LME SMART will provide services related to matching and registering trades with easy access to contract reference data, and an interface into clearing.

As part of LME SMART, members will also get access to a modern, windows-based Graphical User Interface for manual interaction and a state of the art FIX based Application Programming Interface for automated trade registration.

“The LME’s selection of Millennium Exchange for commodities matching is a confirmation of the product’s flexibility and maturity.

MillenniumIT’s products benefit from over a decade of continuous innovation coupled with our experience of providing solutions to some of the largest marketplaces in the world.

I’m sure that our partnership with the LME will be of great benefit to both our organisations”, said, Chief Executive Officer of MillenniumIT Tony Weerasinghe. MillenniumIT is a premier technology solutions provider serving the global capital markets industry.

MillenniumIT systems are deployed at over 15 sites, including the American Stock Exchange, ICAP and Perimeter Financial (which provides smart order routing to the Canadian equity market).

The LME is the world’s premier non-ferrous metals market with an approximate market share of 95per cent and achieved traded volumes of almost 93 million lots (2200 million tonnes) in 2007, equivalent to $9.5 trillion in monetary terms.