The London Stock Exchange is hailing Turquoise as the world's fastest trading platform, with an average latency of 126 microseconds, following its migration to the MillenniumIT technology system.
Turquoise moved over this month in a 'big bang' migration from Cinnober technology to a platform supplied by MillenniumIT, the Sri Lankan vendor acquired by the LSE for £18 million last September.
After initial technical glitches in the immediate aftermath of the move, the exchange says average order entry latency is now twice as fast as Turquoise's main international competitors on a like-for-like basis. Now 99.9% of all customer orders on the new system are accepted, processed and acknowledged within 400 microseconds.
David Lester, CEO, Turquoise, says: "Recent competition between trading venues has helped move the market forward...With Turquoise now offering average end-to-end trading of just 126 microseconds, twice as fast our competitors, we've made it clear we intend to compete, and compete strongly. "
Following the issues with Turquoise, the LSE has set back the timetable for migration of its main market to MillenniumIT to allow for further testing. The exchange had initially planned the switch for 1 November, but is now more likely to press the button later in the month.