The London Metal Exchange (LME) has announced MillenniumIT Technologies Limited as solution provider for the new LME SMART (System for Matching and Registering Trades) matching system.
LME SMART is being developed in response to a strategic decision by the LME and LCH.Clearnet to decouple matching and clearing. LME SMART supports the Exchange's strategy by providing new revenue opportunities to members. It will facilitate faster product launches as well as offering operational efficiencies.
The appointment of MillenniumIT follows several months of work by the LME on the new matching system.
Commenting on the announcement, Michael Warren, LME chief technology officer said: "The Exchange is pleased to appoint MillenniumIT as the solution provider for LME SMART. They have demonstrated to us their success of working in global capital markets and have already acquired an in-depth understanding of the specifics of our market. We look forward to developing a world class matching system with them for the LME."