London has been at the forefront of international financial markets and boasts the largest volumes in the FX industry. Its intention to be the leading establishment in the equities markets is quickly taking hold as LSE’s MillenniumIT, the bourse’s trading software house has signed up a partnership with Peru’s Stock Exchange.
The south-western country of South America has an upper middle-income according to the World Bank and is the 42nd largest in the world. Peru is one of the world’s fastest-growing economies owing to the economic boom experienced during the 2000s. The domestic exchange, Lima Stock Exchange hails it roots back to 1860 but has been gaining momentum over the last decade as commodities have been driving the country’s economy.
Peru’s financial markets are still young in comparison to other emerging market economies; only 1% of GDP (USD) of value is traded on the bourse. Retail investor’s participation is low and the bulk of trading is carried out by institutional investors such as pension funds.
Average daily trade volume on the Lima Stock Exchange is $30 million (USD).
The Bolsa de Valores de Lima General Sector Index is trading at 21,644.57.
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The UK, London Stock Exchange Group announcement that it has entered into a technology partnership with Bolsa de Valores de Lima. MillenniumIT, a wholly-owned subsidiary of London Stock Exchange Group will provide state of the art trading and Smart Order Routing technology to Peru’s markets via its ultra-low latency, highly scalable trading platform, Millennium Exchange and Millennium SOR.
Tony Weeresinghe, Director of Global Development at London Stock Exchange Group and CEO of MillenniumIT, said:
“This is a significant achievement for us. 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. 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:
“We are very conscious of the relevance of technology in our business. 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. 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 LSE Group purchased Millennium IT in 2009 to develop its position as a leading technology solution provider for exchanges.