MillenniumIT gives Chittagong Bourse the Advantage

Millennium Information Technologies Pvt Ltd (MillenniumIT), a premier technology solutions provider and member of the London Stock Exchange Group, announced yesterday that its trading software is now live at the Chittagong Stock Exchange.

There was excitement at the Chittagong Stock Exchange (CSE) as traders went live with a new state-of-the-art automated trading and surveillance platform based on proprietary MillenniumIT technology.

The CSE now runs Millennium Exchange as well as MillenniumIT’s new surveillance software and Internet-based trading workstations with built-in risk management delivered by implementing partner, Polaris India.  

Polaris also supported the implementation with new broker back-office software, providing trader workstations, internet-based client access for order placement and market information, as well as a full-feature, centrally hosted, broker back office.

Installation, trials and final implementation took nine months, a relatively rapid turnaround given the parameters and challenges of the project.

The new platform enables fast, efficient automated trading with integrated risk management, an innovation at the Exchange.

The surveillance solution, which went live at the same time as the Exchange platform, allows the CSE’s compliance staff to perform real-time as well as historical surveillance. With the new platform in place, the Chittagong Stock Exchange now has a clear technological advantage over its big brother, the Dhaka Stock Exchange.

MillenniumIT CEO Tony Weeresinghe said: “We are very pleased that our systems are now live at the Chittagong Stock Exchange. Millennium Exchange is a next generation trading platform that offers ultra fast order processing capabilities, and we are confident that our systems will help the CSE increase their revenue streams.  Together with the introduction of Millennium’s Surveillance system, the new software will help increase integrity and encourage ethical trading practices in the market.”

Chittagong Stock Exchange CEO Syed Sajid Husain said: “We are very excited that we are now live with Millennium’s automated trading and surveillance systems at the CSE. The MillenniumIT team were both dedicated and professional, carrying out the implementation very efficiently and keeping to the agreed project timelines. The trading platform has been tested for 1 million orders with 2500 orders/sec with a latency of less than 1 ms. The enhanced surveillance capabilities will help CSE to establish a strong compliance and monitoring system within the market. Armed with the new Millennium trading technology, we are now looking forward to leveraging the benefits of increased turnover and introducing new products to meet market demands such as derivatives in the near future.”

Part of the London Stock Exchange Group, MillenniumIT is a premier technology solutions provider serving the global capital markets industry.

 The company’s products currently power exchanges, depositories, brokerages and regulatory bodies in the United States, Europe, Africa and the Asia-Pacific region. 

In Sri Lanka, MillenniumIT is a leading information technology solutions provider, specialising in IT solutions for the financial and telecom industries. MillenniumIT also offers information technology infrastructure and consulting services.