London Metal Exchange signs up for Millennium Surveillance platform

Tuesday, 23 October 2012 00:15 - - {{hitsCtrl.values.hits}}

MillenniumIT, a leading technology solutions provider and part of London Stock Exchange Group (LSEG), announced that it has signed a contract with the London Metal Exchange (LME) to provide the exchange with new surveillance software.

This agreement will see LME, which currently also uses MillenniumIT’s trading platform, Millennium Exchange, as one of its two trading platforms for its derivatives market, upgrade its surveillance application to MillenniumIT’s, real time, multi asset class surveillance platform.

The implementation of Millennium Surveillance will also allow for the integration of LME’s current reference data management system, streamlining operations and giving LME greater efficiencies.

Tony Weeresinghe, CEO of MillenniumIT and Director of Global Development at LSEG said: “We are very happy that the London Metal Exchange has chosen Millennium Surveillance as its new surveillance platform. We are confident that this will enable LME to accurately monitor its markets, providing real time detection of abnormal trading patterns.”

Diarmuid O’Hegarty, Deputy Chief Executive at the London Metal Exchange said, “MillenniumIT’s surveillance application will provide us with a very flexible real time analysis of trading patterns. This will enhance our ability to detect and query real or apparent market abnormalities. The flexibility of the surveillance platform will allow the LME to develop new alerts, to adapt to market changes and to manage volume growth.”

MillenniumIT is now live at over 30 customer sites and securities exchanges around the world.