LCH.Clearnet, a leading multi-asset class clearing house, on Thursday finalized a deal with the MillenniumIT, the financial software and technology services arm of London Stock Exchange Group, to supply a real-time clearing and risk management platform for all asset classes.
Millennium PostTradeTM is promising a paradigm shift for the clearing industry as it offers real-time cross-asset portfolio risk management, based on a single, multi-asset, multi-function platform. The product is the first to enable a central clearing counterparty to have real time risk processing and risk management.
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In addition, Millennium PostTradeTM platform offers improved operational resilience and lower costs, which allows post trade clients to respond to changing market needs more quickly and cost effectively.
In its eight years of ownership, the London Stock Exchange Group has mainly sold Millennium to exchanges around the world as a trading system. MillenniumIT caters to more than 40 trading venues globally, including the LSE, Borsa Italiana, Oslo Børs,Turquoise, the London Metal Exchange (LME), and the Johannesburg Stock Exchange (JSE), including others. The firm’s trading platform today supports over a third of European equity flow and is now live at 15 emerging and frontier exchange operators around the world. Last February it also agreed to supply the technology to the Singapore Exchange’s (SGX) Central Depository Pte. Limited’s (CDP) operations.
Mack Gill, CEO of MillenniumIT, commented: “We are excited to bring our Millennium Post Trade product, which applies our well tested real-time, resilient trade lifecycle infrastructure to post trade clearing house, such as LCH, a leading global clearing house. Bringing the power of GPU’s and real-time fault tolerant software to modernise clearing house infrastructure is a natural extension of our recent successful launch of London Stock Exchange Group’s Group Ticker Plant (GTP) powered by FPGA technology.”
Suneel Bakhshi, Group CEO, LCH, added in an accompanying statement: “We are looking forward to the outstanding performance, flexibility, and resiliency that the Millennium solution will bring to LCH. We are excited by the performance advantage of a GPU-based platform and the new opportunities it promises. The Millennium platform will also allow us to continue to develop and enhance world-class Clearing solutions for our customers.”