Hong Kong Exchanges and Clearing Limited has selected MillenniumIT’s multi-asset-class gateway platform, Millennium SOR™, to drive the HKEx Orion Central Gateway. The HKEx Orion Central Gateway is the second building block in the HKEx’s next generation platform roadmap, and will be rolled out for HKEx’s securities market in the fourth quarter of 2013.
To enable brokers to migrate at their own pace, the new gateway will be introduced in parallel with HKEx’s existing access infrastructure, and the existing architecture will remain in operation until at least 2015.
The HKEx Orion Central Gateway is an ultra-low latency and high throughput platform. It will provide brokers with the choice of a binary interface or standard FIX 5.0 interface, and will introduce several new features such as a drop copy service.
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The implementation of the HKEx Orion Central Gateway will greatly simplify HKEx’s market access architecture. Brokers will be able to significantly reduce infrastructure costs to access HKEx’s securities market systems by consolidating telecommunication circuits and eliminating physical hardware in their premises.
“The HKEx Orion Central Gateway is a further step in our aim to provide a more efficient trading infrastructure for our trading community, and to boost competitiveness for the overall Hong Kong market,” said Julian Ragless, Senior Vice President of Platform Development and Strategy at HKEx. “In evaluating service providers, we applied a stringent set of requirements in terms of performance and functionality. We selected the Millennium SOR™ based on its capability to handle a high level of order throughput with microsecond levels of latency and high availability.”
Tony Weeresinghe, CEO of MillenniumIT and Director of Global Development at London Stock Exchange Group said, “We are very pleased that MillenniumIT has been selected by HKEx to power its HKEx Orion Central Gateway. To be chosen by a world leader in capital markets is a testament to the superior architecture of our products and their ability to deliver fast, flexible and high availability solutions. We look forward to working with HKEx to provide its participants with increased efficiencies in connectivity to its securities market.”