LSE upgrades TradElect platform

Source: London Stock Exchange

The London Stock Exchange today announced the completion of a significant upgrade to TradElect, its recently launched electronic trading platform, as volume growth continues.

Release 2.0, as the upgrade is called, has improved processing speed by 40 per cent, system capacity by 70 per cent and has added functionality that allows the Exchange to offer market users a full suite of MiFID compliant solutions.

David Lester, the Exchange's Chief Information Officer, said: "In its four months since launch, TradElect has already demonstrated its capabilities with the top ten busiest days by volume and seven of the top ten busiest days by value traded taking place during the period. Following this upgrade, TradElect now enables market participants to execute trades in around 6 milliseconds and has the ability to handle 4,200 orders a second. Moreover, we have added new functionality to accommodate a range of MiFID-specific solutions."

Release 2.0 introduces new functionality to support firms in meeting the requirements of MiFID which comes into effect on 1 November. This new functionality includes the introduction of market making across all liquid securities on the Exchange's SETS order book as an on-Exchange alternative to systematic internalisation as well as limit order display in all UK Main Market securities.

In addition, a Pan-European trade reporting service for off book executions has been introduced, covering approximately 5,000 securities. The service will cover both On Exchange (i.e. under the Exchange's rules) and OTC (i.e. unregulated) trade reports.

New functionality has also been added to the SETS Internaliser. Members will be able to make further cost savings with the option that any trades internalised on SETS are not sent to LCH and CREST for clearing and settlement.

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