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A-Team Insight Blogs

Just One To Go For TradElect

With Oslo Børs moving to the LSE’s Millennium Exchange technology sometime soonish, it looks like flicking the off switch for TradElect is moving closer. The exchange has already migrated its main market and its Turquoise MTF to Millennium, so moving Oslo’s market will mean just Borse Italiana remains in the slower-latency world.

It does all rather highlight how even secondary markets (in a global sense) are needing to keep up in the latency stakes, and – perhaps unlike other market participants – for exchanges it does seem to be an accelerating target.

Just to recap, TradElect was introduced in 2007. Developed by Accenture, based on Microsoft technology, it reputedly cost some £40 million, and had a matching speed of 3.7 milliseconds. The Millennium platform – which came with the October 2009 acquisition of MillenniumIT – went live for the LSE’s main market in February. Actual latency figures are not known (to me, at least) but MillenniumIT has spoken of tests where it acheived matches in 130 microseconds, which it expected to be pushed significantly lower.

Several other Nordic markets are owned by Nasdaq OMX, and run on their own matching technology, which anecdotally is capable of sub 100 microsecond matching.

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