Technology
The LSE's current trading platform is its own Linux-based edition named "Millennium Exchange".
The old trading platform TradElect was based on Microsoft's .NET Framework, was developed by Microsoft and Accenture. Microsoft used the LSE software as an example of the supposed superiority of Windows over Linux in the "Get the Facts" campaign, claiming that the LSE system provided "five nines" reliability, and a processing speed of 3-4 milliseconds. For Microsoft, LSE was a good combination of a highly visible exchange and yet a relatively modest IT problem.
After suffering extended downtime and unreliability the LSE announced in 2009 that it was planning to switch to Linux in 2010.
In October 2010, the London Stock Exchange announced that the new Linux based trading system named Millennium Exchange, had smashed the world record for trade speed, with 126 microsecond trading times being recorded on the Turquoise dark pool trading venue and would go live on 1 November. The system, which was developed by Millennium IT, a Sri Lankan IT company bought by the LSE in 2009, was taken out of service following a 2-hour outage of the Turquoise venue on 2 November. The incident was according to LSE officials caused by human error that "may have occurred in suspicious circumstances."
Plans were to introduce Millennium Exchange also on the main share trading platform in December. The LSE stated it was hoping the software would be ready for use again early in 2011.
In February 2011, the London Stock Exchange finished the switch to Linux. LSE chief executive Xavier Rolet insisted that the exchange, once a monopoly, would deliver record speed and stable trading in order to fight back against the fast erosion of its dominant marketshare by specialist electronic rivals.
Read more about this topic: London Stock Exchange
Famous quotes containing the word technology:
“Radio put technology into storytelling and made it sick. TV killed it. Then you were locked into somebody else’s sighting of that story. You no longer had the benefit of making that picture for yourself, using your imagination. Storytelling brings back that humanness that we have lost with TV. You talk to children and they don’t hear you. They are television addicts. Mamas bring them home from the hospital and drag them up in front of the set and the great stare-out begins.”
—Jackie Torrence (b. 1944)
“If the technology cannot shoulder the entire burden of strategic change, it nevertheless can set into motion a series of dynamics that present an important challenge to imperative control and the industrial division of labor. The more blurred the distinction between what workers know and what managers know, the more fragile and pointless any traditional relationships of domination and subordination between them will become.”
—Shoshana Zuboff (b. 1951)