17 January 2018
visit www.avoka.com

LSE axes jobs; considers scrapping TradElect

26 June 2009  |  8245 views  |  0 LSE

The London Stock Exchange is cutting around 120 jobs and considering dumping its TradElect platform, as new chief Xavier Rolet looks to restructure the business and fend off competition from a slew of smaller but nimble competitors.

The job losses - affecting around 10% of the LSE's workforce - are expected to be shared equally between London and Milan. The redundancy process is already underway.

Finextra understands Rolet is also considering the future of TradElect, the exchange's £40 million electronic trading system.

Rolet hinted that the exchange will be re-examining its technology platform when he took over last month. The LSE currently offers trading at 3.7 milliseconds and is looking to cut this to less than a millisecond to compete with the likes of Chi-X, Bats and Turquoise.

Although no final decision has been made on TradElect's future, it is now two years old, and the exchange must consider if the expense of maintaining and upgrading it is worthwhile.

In a brief statement, the exchange says: "With a new CEO at the helm, LSEG has been reviewing its operational structure and has identified changes to how it is organised. These changes will flatten the group's structure and improve the speed of decision making. Inevitably, these changes will lead to job losses as well as new opportunities for some staff."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

LSE abandons exchange traded CFDs project

LSE abandons exchange traded CFDs project

02 April 2009  |  9528 views  |  0 comments
LSE debuts post-trade routing technology

LSE debuts post-trade routing technology

31 March 2009  |  9063 views  |  0 comments
LSE selects Rapid Addition for FIX engine

LSE selects Rapid Addition for FIX engine

04 March 2009  |  6898 views  |  0 comments
LSE brings Italian equities onto TradElect

LSE brings Italian equities onto TradElect

11 November 2008  |  6013 views  |  0 comments
LSE trading halted by connectivity failure

LSE trading halted by connectivity failure

08 September 2008  |  11980 views  |  0 comments
LSE cuts fees as rivals circle

LSE cuts fees as rivals circle

01 August 2008  |  7540 views  |  0 comments
Chi-X extends to Belgium; LSE rises on revenue uptick

Chi-X extends to Belgium; LSE rises on revenue uptick

09 July 2008  |  6256 views  |  0 comments
LSE outlines TradElect upgrades

LSE outlines TradElect upgrades

18 June 2008  |  7305 views  |  0 comments
LSE low latency data delivery service goes live

LSE low latency data delivery service goes live

09 June 2008  |  7697 views  |  0 comments
Infolect glitch hits LSE trading

Infolect glitch hits LSE trading

08 November 2007  |  6225 views  |  0 comments

Related company news

 
visit www.thomsonreuters.infovisit www.niceactimize.comvisit www.ebaday.com

Top topics

Most viewed Most shared
Buffett rubbishes cryptocurrencies; South Korea preps exchange crackdownBuffett rubbishes cryptocurrencies; South...
11560 views comments | 15 tweets | 17 linkedin
BNP Paribas Asset Management completes fund transaction blockchain testBNP Paribas Asset Management completes fun...
10167 views comments | 14 tweets | 33 linkedin
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
9618 views comments | 32 tweets | 34 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
9483 views comments | 17 tweets | 18 linkedin
Exchanges call for global fintech standardsExchanges call for global fintech standard...
9205 views comments | 17 tweets | 13 linkedin

Featured job

Competitive base + commission
New York City, NY - USA

Find your next job