The London Metal Exchange (LME) has partnered with delivery platform provider Colt Technology Services, to launch LMEnet – a collective effort to upgrade connectivity to electronic systems for the Exchange, according to an LME statement.
Colt Technology Services was actively involved in several operations this year, including a bid to fortify its Forex liquidity venues with the CME back in February. Colt’s comprehensive solutions have made it a popular choice for leading exchanges in both Europe and Asia, culminating in an LME partnership. The new LMEnet initiative will use Colt’s trading network PrizmNet to help streamline latency, performance and connectivity for LME users, slated to begin migratory services as early as October this year.
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According to Robin Paine, Chief Technology Officer at the LME, in a recent statement on the collaboration, “In partnership with Colt, we are delighted to be able to offer LME market participants enhanced performance and availability in their connectivity to the Exchange. By switching to LMEnet, the LME community will benefit from reduced latency, increased resilience, and improved control over how they interact with our electronic systems. We have invested a significant amount in technology over the past 12 months, with more than £30 million devoted to IT projects and systems development, excluding LME Clear.”
“We are proud to announce that the LME has chosen our trading infrastructure service PrizmNet to connect their global members to LMEnet. Colt has delivered the infrastructure that underpins the Capital Markets sector for over 20 years. LME’s choice of Colt’s PrizmNet service recognizes our continued commitment to delivering innovative and trusted managed network services that enable access to the global markets,” added Rakesh Bhasin, CEO, Colt Technology Services, in an accompanying statement.