NCDEX selects MillenniumIT for core technology to drive growth
- Millennium Exchange to provide ultra low-latency trading across asset class
- Millennium Surveillance to offer advanced market integrity technology
- National Commodity and Derivatives Exchange (NCDEX) - India’s pre-eminent online exchange and leader in agricultural commodities trading
- London Stock Exchange Group strengthens relationship with Indian capital markets providers
MillenniumIT, the ultra low-latency technology provider, which is part of London Stock Exchange Group, today announced that it has been selected by India’s National Commodity & Derivatives Exchange (NCDEX), to provide the core technology infrastructure for both the derivatives and spot market segments of NCDEX.
The online commodity exchange has chosen MillenniumIT’s multi-asset and ultra-low latency trading solution, Millennium Exchange™ for its matching engine technology and Millennium Surveillance™ to detect abnormal trading behaviour and promote integrity for its spot and derivatives markets. Both products are based on MillennniumIT’s next generation integration platform, Millennium Advanced Platform (MAP™), to support the firm’s entire trading operations and to ensure it meets the market’s evolving regulatory requirements.
Mack Gill, CEO, MillenniumIT said: “We’re delighted that NCDEX selected MillenniumIT to support its impressive business momentum, with the very best in agile, low-latency, financial technology. While every market infrastructure and its requirements are unique, MillenniumIT’s technology is designed to meet those requirements in a timely, efficient way. Our ability to handle any asset class across a diverse range of financial markets companies pays tribute to this. We look forward to helping NCDEX continue its success and growth as a long-standing and trusted technology partner.”
Samir Shah, Managing Director and CEO, NCDEX, said: “Regulated commodity markets are at the heart of India’s economy and the last decade has seen us grow into a platform with the largest pool of liquidity in agricultural commodities in the country. We are now looking for a paradigm shift in bringing greater convenience and increased efficiency in our offering of integrated marketplace comprising spot, forward and futures. We believe that technology will be an important enabler in our efforts to bring innovative offerings to the market and drive greater liquidity and transparency and have chosen MillenniumIT as our technology partner. We believe that with their deep understanding of the world’s financial markets and their technical prowess they will help us capitalise on the opportunities available and equip us for the future.”
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For further information:
Ed Clark +44 (0)20 7797 1222
Notes to editors:
MillenniumIT is a leading innovative trading technology business. Powering over 40 financial organizations and exchanges around the world, MillenniumIT’s clients include London Stock Exchange, Borsa Italiana, Turquoise, London Metal Exchange, Tullett Prebon, Johannesburg Stock Exchange, Singapore Exchange and HKEx.
MillenniumIT's suite of capital market products include; Millennium Exchange™, an ultra-low latency, highly scalable trading platform; Millennium SOR™, a smart order router; Millennium MarketData™, an ultra-fast and efficient data for financial markets; Millennium Surveillance™, a market surveillance and regulatory compliance system; and Millennium PostTrade™, providing integrated clearing, settlement and depository functions.
Founded in 1996 and headquartered in Colombo, Sri Lanka, MillenniumIT is fully owned by the international diversified exchange business, London Stock Exchange Group.
For more information please visit www.millenniumit.com
About London Stock Exchange Group:
London Stock Exchange Group (LSE.L) is a diversified international exchange Group that sits at the heart of the world's financial community. The Group can trace its history back to 1801.
The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and the pan-European equities platform, Turquoise. Through its markets, the Group offers international business, and investors, unrivalled access to Europe's capital markets.
Post trade and risk management services are a significant and growing part of the Group’s business operations. LSEG operates CC&G, the Rome headquartered CCP and Monte Titoli, the significant European settlement business, selected as a first wave T2S participant. The Group is also a majority owner of leading multi-asset global CCP, LCH.Clearnet.
The Group offers its customers an extensive range of real-time and reference data products, including SEDOL, UnaVista, Proquote and RNS. FTSE calculates thousands of unique indices that measure and benchmark markets and asset classes in more than 80 countries around the world.
London Stock Exchange Group is also a leading developer of high performance trading platforms and capital markets software. In addition to the Group’s own markets, over 40 other organisations and exchanges around the world use the Group’s MillenniumIT trading, surveillance and post trade technology.
Headquartered in London, United Kingdom with significant operations in Italy, France, North America and Sri Lanka, the Group employs approximately 2,800 people.
Further information on London Stock Exchange Group can be found at www.lseg.com.