LSE makes switch to faster system

the London Stock Exchange moved its main trading platform to a faster system, putting past technology glitches behind it just days after launching a bid to buy Canadian exchange TMX.
By The Newsroom
Published 15th Feb 2011, 11:29 BST

The exchange has moved its main UK share system to technology provided by Millenium, a Sri Lankan company it bought in 2009, making it faster and more attractive to the rapidly growing business of ultra-fast hedge fund trading.

The migration on Monday is a boost for the exchange after it announced talks with Toronto-based TMX on February 8.

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It postponed the technology upgrade in November, when a trading glitch prompted the LSE to probe what went wrong amid speculation of sabotage.

“This upgrade is important for the LSE because they can now go after the market-makers and high-frequency guys who are some of the top trading firms in Europe,” said the head of algorithmic trading at a large LSE customer.

Related topics:Europe