LSE Shares Tech with Oslo Bors
Norway’s Olso Bors has announced that it will be moving its equity and fixed income trading onto the London Stock Exchange Group’s Millennium Exchange trading platform.
“Latency has become an ever more important factor for market participants, and the implementation of Millennium Exchange will strengthen the competitive position of Oslo Bors,” said Anders Brodin, deputy chief executive officer and head of markets at Oslo Bors in a release. “The system is very flexible, which will make it easier for Oslo Bors to implement changes to respond to market developments.”
“We are delighted that Oslo Bors has chosen Millennium Exchange for its trading platform,” said Tony Weeresinghe, chief executive of MillenniumIT, a unit of LSEG. “The Millennium platform will bring world beating latency, with a flexible system that can evolve as Oslo Børs develops its business.”
Requests to the LSEG and Oslo Bors for comment were not immediately returned.
A timeframe for when the migration will be complete has not yet been announced.
Oslo Bors’ move to Millennium comes about four months after the LSE completed its own integration to the platform. The LSE’s move was not without issues, as the complete migration took some two months, during which technical problems experienced by vendors had to be resolved.
LSEG and Oslo Bors entered into a strategic partnership in March 2009. A key component of the agreement was to include the sharing of LSEG’s trading systems and technologies. Oslo Bors has been using the London bourse operator’s trading technology since April 2010, when it migrated to the TradElect platform.
In June, LSEG and Weiner Borse reached a deal whereby the Vienna Stock Exchange would use Millennium clearing technology and services.
LSEG acquired MillenniumIT, a Sri Lanka technology solutions provider, in October 2009. MillenniumIT continues to operate as a subsidiary of the LSEG, providing trading platforms, order routing systems, surveillance, and clearing services.