Oslo Børs has evaluated its technology partnership with London Stock Exchange Group (LSEG), which hosts the Norwegian exchange’s equity, fixed income and derivatives markets, and decided to extend the relationship for five years effective from April 2017.
Oslo Børs is one of over 40 exchanges and venues that use LSEG’s Millennium Exchange platform, but unlike most exchanges that operate their own infrastructure, it uses a hosted version of the platform running in an LSEG data centre in London. The exchange initially signed up with LSEG in 2009 and the partners have since extended the service to include calculation of the Norwegian InterBank Offered Rate (Nibor) and support for Oslo Børs’s North Sea dark pool.
Mack Gill, CEO at MillenniumIT, explains: “Exchanges are looking for efficient hosted models, which makes sense as the industry becomes more comfortable with cloud solutions. Oslo Børs operates in markets that are impacted by latency, so it takes the view that as there are so many low latency players in London it is best to be here close to liquidity.”
Bente Landsnes, CEO at Oslo Børs: says: “MillenniumIT and our technology partnership with LSEG has been beneficial for Oslo Børs, our customers and the market as a whole. The technology has proven to be both flexible and competitive, and has improved our ability to serve our customers, so we have decided to extend the partnership”
Among recent developments available to users of LSEG’s MillenniumIT technologies is Group Ticker Plant, a platform based on field programmable gate arrays (FPGAs) and designed to standardise distribution of real-time market data from multiple feeds into a single binary protocol and deliver data at a latency of less than 5 microseconds.
Gill says: “Group Ticker Plant is the fastest ticker plant delivering data at predictable, deterministic latencies in the world. It offers a new level of performance to firms connected to the LSEG and meets the market data distribution requirements of MiFID II.” The LSEG is also working with its Turquoise multilateral trading facility to meet the block trading requirements of MiFID II.