London Stock Exchange begins migration to Linux-based trading platform
The London Stock Exchange has begun a twelve-month migration to its new trading platform, based on Linux, as trading fell sharply.
The exchange is gearing up for one of its most crucial years yet for technological change. At the end of the 2010, the Linux-based MillenniumIT trading platform, which the LSE gained by acquiring the Sri Lankan company for £18 million in September, will be switched on. It will replace the outgoing TradElect platform, based on Microsoft .Net architecture and upgraded by Accenture only two years ago at a cost of £40 million.
TradElect has a troubled history, with a number of high profile outages that have caused great embarrassment for the stock exchange. The LSE told the financial markets today that “project work” was “underway” for the migration to MillenniumIT, as it reiterated that it expected significant benefits from the move.
The new platform would give it “high performance” trading, as well as an “agile, efficient, in-house IT development capability”, it said. And the increased level of money behind the operation, following its purchase by the LSE, would give it the “financial backing it needs” to grow sales of its software development and integration services to other exchanges.
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