Microgen today announced delivery of its interface to LMEsmart (System for Matching and Registering Trades) alongside a major upgrade to Cortex CMII, its multi-company back office system for trading London Metal Exchange (LME) products.
Cortex CMII provides major functional enhancements to allow efficient operation with the new matching system.
To handle the mandatory move to LMEsmart and to futureproof the system for further new interfaces (such as to LMEselect and to LMEsword II), Microgen has created an independent engine which handles the FIX protocol communication and message formats while business processing is encapsulated within the core Cortex CMII system. By separating the connectivity from the SMART business processing, the engine can be easily extended to support other FIX based interfaces as they are developed.
The comprehensive integrated system is aimed at LME Cat 1 and Cat 2 members, including existing Microgen customers and new prospects. LME members connecting to the Exchange will be required to interface to LMEsmart when it goes live, replacing functions in the existing MCS system run by the London Clearing House, which will then solely be responsible for clearing.
Tom Crawford, Managing Director, Financial Systems Division, Microgen, said: "The changes to trading on the London Metal Exchange will drive increased efficiency and support market growth, but members need to ensure their systems meet the mandatory LMEsmart criteria. Cortex CMII not only delivers the solution to enable the switch to LMEsmart but the use of the independent FIX engine provides an extensible platform from which to support a range of similar FIX based interfaces such as LMEselect, the forthcoming LMEsword II and others as they are implemented."