London Stock Exchange Group Ups Investment in MillenniumIT, Sri Lanka based Technology Solutions Provider

24th January 2012, www.island.lk

Sri Lanka based MillenniumIT, a technology solutions provider and a part of the London Stock Exchange Group (LSEG), announced the group’s plan for further investment in MillenniumIT. LSEG will invest in the construction of a new state of the art software complex to accommodate the company’s growing specialised international software and services business.

Since the acquisition of MillenniumIT in 2009, LSEG has invested heavily in growth of the company – expanding the workforce to over 600 and investing in property and infrastructure on its Malabe campus. The new 40,000 sq ft complex is expected to house approximately 300 people and will be built within MillenniumIT’s extensive 16.5 acre Malabe Campus to accommodate the demands of MillenniumIT’s increasing operation. LSEG Chairman, Chris Gibson-Smith, CEO, Xavier Rolet and Tony Weeresinghe, MillenniumIT’s CEO were amongst those present at the foundation stone laying ceremony held today at the construction site.

Since MillenniumIT joined LSEG, there has been no looking back for either party. London Stock Exchange’s (LSE) equity cash markets went live last year with MillenniumIT’s high performance trading software, at an average latency of less than 120 microseconds, making the LSEone the fastest trading venues in the world. MillenniumIT’s trading platform, Millennium Exchange is highly scalable and designed for multi-asset class trading, offering London Stock Exchange’s clients superior technical performance and enhanced functionality.

MillenniumIT has also directly benefited from being part of an increasingly diverse international exchange group, reporting strong growth in financial performance and benefitting from greater international visibility. This is further evidenced by the fact that in 2011 MillenniumIT accounted for over 20% of Sri Lanka’s software exports revenue. Over the past two years MillenniumIT’s software business has also significantly increased its global client base, having signed over 15 new clients, including the Chittagong Stock Exchange, the Delhi Stock Exchange and the Securities and Exchanges Commission (SEC) of Sri Lanka.

MillenniumIT’s local SI business has also seen revenue growth of over 30% since 2009. The SI business complements the software projects by providing the infrastructure build for clients.

Xavier Rolet, CEO of the London Stock Exchange Group said, "I am delighted to be in Sri Lanka and to be laying the foundation stone for MillenniumIT’s new campus building. Since joining London Stock Exchange Group in 2009, MillenniumIT has revolutionised our own Group technology, providing us with one of the fastest and most advanced trading platforms in the world. Millennium has also been instrumental in helping drive the Group’s international expansion through sales to exchanges and business around the world."

Tony Weeresinghe, CEO of MillenniumIT said, "Since MillenniumIT joined the London Stock Exchange Group, we have directly benefited from the international strength of LSEG’s brand. This has helped the company to innovate, expand, create jobs and importantly to contribute to Sri Lankan economic growth. Today is another very important step in MillenniumIT’s exciting history. Our new campus building will allow MillenniumIT to continue to expand our operations in Sri Lanka and also our ability to successfully deliver for our customers around the world."

British High Commissioner to Sri Lanka, John Rankin said, "I am delighted to see the continuing investment the London Stock Exchange Group is making in Sri Lanka. The LSEG is at the heart of the world’s financial community. Sri Lanka’s ICT industry is, in turn, recognised for its innovative excellence and Millennium IT is synonymous with this. This latest venture is a further boost to the strong commercial ties between our two countries."

Related Info :

• Sri Lanka's MillenniumIT Powers ACE Derivatives and Commodity Exchange of India

• London Stock Exchange to Buy Sri Lankan Technology Services Company Millennium IT to Gain New Trading System

• MillanniumIT Built London Stock Exchange Trading Platform Turquoise Achieves World Record Trading Time

UK Companies Seeks Partnerships with Sri Lankan Companies in Financial and Professional Services

21st December 2010, www.dailynews.lk

British High Commission, UKT Deputy Head Nadeesha Epasinghe visited to the Colombo Stock Exchange with a delegation from the Council for Business with Britain.

She said the high performing CSE will help Sri Lanka establish itself as a leading global financial services centre.

"Financial and professional services could soon represent a major component of Sri Lanka's economy and account for a significant percentage of GDP. (Currently, they represent 12 percent of GDP in the UK economy.)

The london Stock Exchange (LSE) is home to companies from over 60 countries around the world, the CSE, too, has the potential to continue to grow and be ranked as a top performing stock market globally.

The credit crunch has had a major impact on the global economy and financial institutions around the world over the past couple of years. However, financial markets in both London and Colombo have continued to function efficiently without interruption despite the volatility and challenges facing the financial sector. The key focus for Sri Lanka in the coming years will be to structurally strengthen, diversify markets and establish a strong skills base to become a truly a global financial centre.

A regulatory framework that uniquely balances market confidence and consumer protection while embracing financial innovation underpins UK's success in the financial services sector and is an area where Sri Lanka has growth potential. At UK Trade and Investment (UKTI) at the Colombo British High Commission, we actively support UK companies entering the financial sector in Sri Lanka because we see the potential. At the same time, we are seeking Sri Lankan companies to invest in the UK's financial sector.

The transfer of knowledge between the two countries - as exemplified with the acquisition of Millennium IT by the LSE - would bode well for the future of both countries. "We also look forward to announcing some impressive partnerships between UK companies and Sri Lankan financial services next year," British high Commission said.

MillanniumIT Built London Stock Exchange Trading Platform Turquoise Achieves World Record Trading Time

21st October 201, www.news360.lk, By Robert Charette

ComputerWorld UK is reporting today that the new London Stock Exchange (LSE) trading platform called Turquoise has achieved a world record trading time of 126 microseconds during tests in anticipation of its roll-out on the first of November.

In September 2009, the LSE announced plans to replace its Tradelect core trading platform with one from Sri Lanka-based MillenniumIT, which it bought for £18 million. It completed the acquisition this past February. The LSE introduced Tradelect a little more than two years ago after spending four years and £40 million on its development, but it has been plagued with problems ever since.

According to ComputerWorld UK, the LSE, with a bit of marketing hype, claimed the 126 microsecond trading time was “twice as fast” as its rivals, BATS Europe and Chi-X, which have trading times of 250 and 175 microseconds respectively.

An article last week in the Financial Times of London, interestingly enough, said that Turquoise had achieved a trading time of 124 microseconds during its tests.

The FT also noted that “the 124 microseconds was the time taken from the moment when a client input an order to the exchange and the message coming back to the client.”

Turquoise is Linux-based, whereas the Tradelect system is based on Microsoft’s .Net architecture.

ComputerWorld UK also wrote that: “David Lester, CEO of Turquoise, said that alongside the 126 microsecond average latency, 99 percent of orders would be processed within 210 microseconds, and only 0.1 percent will take longer than 400 microseconds.”

Of course, given these latency times, one can only imagine what might happen if something goes wrong, as in the case of the NYSE “flash crash.” (In its initial test, Turquoise had a glitch itself.) High-speed, automated trading is a major area of concern to financial regulators, who are worried that if an error occurs, market chaos could ensue.

BTW, the FT quotes the developer of Turquoise, MillenniumIT, as saying that the 124-126 microsecond trading time will be eclipsed in the not too distant future as the next generation trading platforms that it is already developing go into operation.

Related Info:
London Stock Exchange to Buy Sri Lankan Technology Services Company Millennium IT to Gain New Trading System

Aureos Exits from MIT Stake in Sri Lanka in a $30m Sale to London Stock Exchange

29th October 2009, www.dailymirror.lk

Aureos Capital, an emerging markets private equity investor, has exited from its 13 per cent stake in Sri Lankan trading software company MillenniumIT through a $30m buy-out by the London Stock Exchange Group.

MillenniumIT is a technology solutions provider serving the global capital markets industry. Its software is used by exchanges, depositories, brokerages and regulatory bodies in the US, Europe, Africa and the Asia-Pacific region.

Aureos invested in MillenniumIT at the time of its inception in 1996 through the funding of its management buy-out of the Open Systems Division of ComputerLand Sri Lanka. Sev Vettivetpillai, the CEO of Aureos Advisers, said, “after 13 years of working closely with and supporting MillenniumIT we now look forward to watching its continued success under its new owners. The backing of the London Stock Exchange will help MillenniumIT extend its global franchise and build on its strong track record”. Last month, Aureos invested $10m in Costa Rican IT corporation ITS InfoComunicacion. Aureos specializes in providing expansion and buy-out capital to unlisted mid-cap businesses across Asia, Africa and Latin America.