London Metal Exchange to implement Millennium Surveillance platform
MillenniumIT, a leading technology solutions provider and part of
London Stock Exchange Group (LSEG), announced that it has signed a
contract with the London Metal Exchange (LME) to provide the exchange
with new surveillance software.
This agreement will see LME, which currently also uses MillenniumIT’s
trading platform, Millennium Exchange, as one of its two trading
platforms for its derivatives market, upgrade its surveillance
application to MillenniumIT’s, real time, multi asset class surveillance
platform. Millennium Surveillance will consolidate data from LME’s two
trading platforms, providing a consolidated feed for clearing. The
implementation of Millennium Surveillance will also allow for the
integration of LME’s current reference data management system,
streamlining operations and giving LME greater efficiencies.
Tony Weeresinghe, CEO MillenniumIT and Director of Global Development
at LSEG said,“We are very happy that the London Metal Exchange has
chosen Millennium Surveillance as its new surveillance platform. We are
confident that this will enable LME to accurately monitor its markets,
providing real time detection of abnormal trading patterns.”
Diarmuid O’Hegarty, Deputy Chief Executive at the London Metal
Exchange said,” MillenniumIT’s surveillance application will provide us
with a very flexible real time analysis of trading patterns. 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.”
MillenniumIT now live at over 30 customer sites and securities
exchanges around the world. Part of the London Stock Exchange Group,
MillenniumIT is a premier technology solutions provider serving the
global capital markets industry. The company’s products currently power
exchanges, depositories, brokerages and regulatory bodies in the United
States, Europe, Africa and the Asia-Pacific region. |
