UK-based software firm, Sinara Consultants, which specializes in IT systems for exchanges and their member firms, today announced that it was chosen by the London Metal Exchange (LME) to develop its new matching system, as per an official update.
The LME plans to upgrade its LMEsmart smart matching system, as part of its strategy to adapt its core systems in advance of meeting MiFID II obligations, and had retained Sinara to development the upgraded system.
We are pleased to be working with Sinara, a trusted long-term supplier, to enhance the efficiency and flexibility of the LME’s matching platform.
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New Matching system ahead of MiFID II
The LMEsmart platform will also include the trading and clearing systems at the LME by making them available in the upgraded matching system developed by Sinara. The firm had previously helped develop a number of IT systems for the LME, including the LMEbullion product for auctioning platinum and palladium.
“The LME continuously invests in infrastructure and technology to ensure we provide the optimum level of service for our markets. We are pleased to be working with Sinara, a trusted long-term supplier, to enhance the efficiency and flexibility of the LME’s matching platform,” added Stuart Sloan, Chief Operating Officer and Head of Strategy at the LME, commenting in an official statement regarding the deal.
Phil Bain, Project Director at Sinara, added in an official statement: “We are delighted to be developing this strategically important new system for the LME. The new Matching system will need to be flexible enough to support the LME’s development and growth, as well as the requirements of MiFID II.”
Mr. Bain concluded: “This project builds on Sinara’s long-standing relationship with the LME who benefit from our in-depth knowledge of their business and IT systems.”