London Metal Exchange signs for new surveillance software

London Metal Exchange signs for new surveillance software

The London Metal Exchange has signed a deal with the London Stock Exchange's tech subsidiary Millennium IT to install new surveillance software for real-time detection of abnormal trading patterns.

The LME, which already uses the Millennium Exchange platform in its derivatives markets, will upgrade its surveillance application to MillenniumIT's, real time, multi asset class surveillance platform. The implementation will allow for the integration of LME's current reference data management system, says the metals market, streamlining operations and promising greater efficiencies.

Diarmuid O'Hegarty, deputy chief executive at the London Metal Exchange says the upgrade will enable the LME to develop new alerts, to adapt to market changes and to manage volume growth:

"MillenniumIT's surveillance application will provide us with a very flexible real time analysis of trading patterns," he says. "This will enhance our ability to detect and query real or apparent market abnormalities."

The deal is a boost to the London Stock Exchange, which is looking to diversify its business into IT sales as market conditions remain depressed. MillenniumIT is now live at over 30 customer sites and securities exchanges around the world.

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