Turquoise, the London Stock Exchange's large volume 'dark pool' trading platform, will go live on a new Linux-based platform in August or September.
The move will be an ambitious "big bang" approach instead of a soft migration, according to a technical note the LSE sent to customers yesterday.The quick changeover is a response to "participant feedback", the LSE said. Services across the Integrated and Dark Midpoint order books will commence trading on the same day.
Turquoise, of which a controlling stake was bought by the LSE in December, will move away from the Cinnober Tradexpress platform, which is Java based. It will migrate to the MillenniumIT platform, after its creator, a Sri Lankan firm of the same name, was acquired by the LSE in September. MillenniumIT is based on Linux and Sun Solaris Unix environments and uses an Oracle database.
In a statement to customers, the LSE said the Turquoise migration "is scheduled for between late August 2010 and early September 2010, with a precise date to be confirmed in June 2010". It indicated that a test platform will be available within the next two to three weeks.
Other LSE platforms will also migrate to the MillenniumIT technology in August, but with a softer approach. These include the Microsoft .Net-based TradElect platform, which has had a number of high profile outages in recent years, some of which have caused traders to storm out of the building in protest. TradElect will migrate in several stages, including cash equities and retail bonds.
At the start of the year, the LSE told financial markets that MillenniumIT would give it “high performance” trading, as well as an “agile, efficient, in-house IT development capability”. The increased level of money behind the operation, it said, would provide the “financial backing it needs” to grow sales of its software development and integration services to other exchanges.