LSE to move cash markets to MillenniumIT platform

LSE will begin the migartion to MillenniumIT later this year

The London Stock Exchange (LSE) is planning to move its UK equity markets to its new trading platform in September.

The transfer to the new systems developed by MillenniumIT, the Sri Lankan IT firm LSE acquired in 2009, will be the first stage of a phased migration.

Other markets to be moved on to the new IT set-up include the LSE's Italian and Johannesburg operations. The firm's recently launched order book for retail bonds will not be part of the first migration stage and will continue to operate on the bourse's current systems.

The process will lead to the decomissioning of the LSE's current trading platform TradElect, as well as an intended reduction of trading speed from 2.7 milliseconds to just under a millisecond.

The exchange told its clients that one of its main concerns was to minimise the time and resources they would need to devote to transfering to the Millennium Exchange.

"We will attempt to minimise disruption as much as possible by providing early access to the Millennium Exchange software through our customer development service. This will give clients the ability to develop their code as early as possible, enabling overall market readiness," the LSE said in a user update.