The London Stock Exchange Group has struck a deal to provide trading software to the Peru stock exchange, Bolsa de Valores de Lima.
The London Stock Exchange Group announced that it has entered into an agreement to provide Millennium Exchange and Millennium SOR automated trading systems for the fast growing Peruvian economy through its subsidiary, MillenniumIT.
The Millennium Exchange software is designed to deliver high scalability and low latencies, speeding up transaction times. The software was acquired by the London Stock Exchange Group when it took over MillenniumIT in 2009, enabling it to switch from Accenture-run software in a cost savings drive aimed at reducing IT and operational spending by £10 million.
Tony Weeresinghe, Director of Global Development at the London Stock Exchange Group and CEO of MillenniumIT, highlighted the deal as a "significant achievement".
"Peru is one of Latin America’s fastest growing economies, and there is need for efficient, reliable capital markets infrastructure as business and investment continues to develop there," he said in a statement.
"We look forward to building on this partnership, and playing our part in the next stage of Bolsa de Valores de Lima’s development.”
Francis Stenning, CEO at Bolsa de Valores de Lima said the deal would help it form a partnership with the London Stock Exchange Group, as well strengthening integration in the South American MILA stock market it shares with Chile and Colombia.
“We are very conscious of the relevance of technology in our business," Stenning said. "That is why we believe this upgrade in our electronic trading platform and order routing system will take us to the forefront of technology."
"It will allow Bolsa de Valores de Lima to keep up with the growing Peruvian economy, provide new services to the local market and increase its efficiency."
He added: "This will allow us to benefit from better tools and a strategic alliance with one of the most developed stock exchanges in the world, London Stock Exchange Group, and to take advantage of more globally interconnected markets, including MILA.”
The Millennium Exchange system has already been rolled out across a number of stock exchanges across the globe, with the software going live in Norwegian, Italian and a number of African markets last year.