LSE powers Casablanca Stock Exchange trading tech revamp
Casablanca Stock Exchange (CSE) has gone live with Millennium Exchange for equities and fixed income trading and Millennium Surveillance to monitor trading and “detect unusual behaviour”.
The solutions will be underpinned by the Millennium Advanced Platform (MAP), and are all provided by Sri Lanka-based MillenniumIT; which was acquired by the London Stock Exchange (LSE) in 2009.
Karim Hajji, CEO of Casablanca Stock Exchange, says the platform “will allow us to better answer the financing needs and hedging of market risks, while supporting the development of the Casablanca financial market and its regional influence”.
LSE says the new platform is part of its wider strategic co-operation agreement with CSE to “expand” activity in the North West and Central African regions.
Away from this latest deal, LSE adds that Moroccan Central Securities Depository, Maroclear, selected its UnaVista to provide its trade repository technology. Earlier this year, CSE also partnered with LSE to launch Elite, a business development programme, in Morocco.
LSE says out of more than 40 trading venues globally, MillenniumIT technology is now live at 15 “emerging and frontier” exchange operators around the world including the Johannesburg Stock Exchange, Nairobi Stock Exchange, Egyptian Stock Exchange and Bolsa De Valores Lima.
What’s going on?
With LSE’s recent all-share merger with Deutsche Börse going ahead, there will be a number of repercussions. The deal could result in 1,250 job losses and there are questions over the technology in place.
LSE says the exchanges’ subsidiaries, LSE’s LCH.Clearnet and Deutsche Börse’s Eurex, will still operate under their current brand names.
At present, LSE uses the MilleniumIT platform. Deutsche Börse uses its in-house 7 Market Technology platform. The 7 Market Technology series comprises the T7 trading infrastructure, the C7 clearing infrastructure, the N7 global network, the M7 trading platform and the F7 trading system. The Deutsche Börse Group also offers licensing for this across the world.
Both companies are not saying what will happen with these platforms. They may keep running them separately as they are embedded and are working well enough to create additional revenue. Only time will tell.