The London Stock Exchange will switch on the first module of its Linux and Unix-based trading platform in September, replacing existing Microsoft .Net architecture.
The first phase of the Millennium Exchange go-live will see UK cash equities traded on the exchange. The next stages are expected to include other products including the new retail bond market, which was announced on Monday.
The platform is based on Linux and Unix environments and uses an Oracle database.
It will replace TradElect, which was built by Accenture and runs on Microsoft .Net and SQL Server 2000 systems, HP ProLiant servers and within a Cisco network architecture. TradElect has suffered a series of high profile failures in recent years that have caused the exchange great embarrassment.
The move to the Millennium Exchange system is geared towards significantly increasing the speed of trading, to sub millisecond times. This could still fall far short of specialist rival Chi-X which is understood to have messaging speeds of 0.4 milliseconds, but it will be at least twice as fast as TradElect.
The LSE said in a statement that it was keen to provide the new Millennium Exchange software code quickly to its clients, between March and June, in order to minimise the time needed for integrating traders’ systems with the new platform. Testing of the platform will take place on weekends throughout July and August.
“We will attempt to minimise disruption as much as possible by providing early access to the Millennium Exchange software code through our Customer Development Service,” it said, “providing clients with the ability to test their applications as early as possible to expedite overall market readiness.”
The LSE said the new platform was “highly scalable” and “agile”, and described itself as “one of the fastest, most reliable and technologically advanced markets in the world”.
In case of an unexpected event causing the entire loss of the LSE site in the centre of the City, it said, a disaster recovery site is in place.