London Stock Exchange Expected To Acquire MillenniumIT

Well placed sources in London expect the London Stock Exchange Group PLC to announce this week the acquisition of MillenniumIT, a Sri Lankan based trading platform software company.

The purchase of MillenniumIT will make the London Stock Exchange the latest trading venue to move into the trading platform space. In November 2008, Chi-X Global acquired Cicada Corp., a developer of real-time market data dissemination platforms for exchanges, as well as algo trading infrastructure. The other exchanges having technology arms are, Deutsche Boerse, NYSE Euronext and Nasdaq OMX.

MillenniumIT, which is expected to replace the LSE's TradElect trading system, is said to be worth around GBP50 million.

Clients of MillenniumIT include the London Metal Exchange, Lusaka Stock Exchange, American Stock Exchange, Icap, Perimeter Financial Corp. of Canada, Botswana Stock Exchange and the Dar es Salaam Stock Exchange.