Fidessa transfers clients to Millennium Exchange
22 February 2011 | 2190 views | 0
Fidessa group plc (LSE: FDSA), provider of high-performance trading, market data and global connectivity solutions for the buy-side and sell-side, has announced the successful migration last week of around 250 customers to Millennium Exchange, the London Stock Exchange's (LSE's) new trading and information platform. Clients of Fidessa's award-winning trading platform and market-data solutions have enjoyed uninterrupted service from the LSE's new system since launch.
The new Millennium Exchange trading architecture delivers a highly scalable, agile, sub-millisecond trading engine with multi-asset class functionality. The transfer of the LSE's cash markets to Millennium Exchange from the existing TradElect platform was a wholesale system replacement that required new communications infrastructure and standards, as well as new coding for market data feeds.
Simon Barnby, Global Marketing Director at Fidessa, comments: "Fidessa clients trust us to deliver when faced with significant market change such as this, and we have worked hard to ensure that our clients were able to take advantage of LSE's much-anticipated upgrade without a hitch. All our trading system clients needed to be upgraded in one go to ensure that they could all access the market from launch and, consequently, this was a major logistical and technical exercise for us.
"We have had a dedicated team preparing our clients for the switchover from TradElect since the initial announcement was made by the LSE, and have been keeping pace with the project as it developed. Our solutions provide clients globally with market data and trading access to what is now one of the fastest and technologically advanced markets in the world, while our service gives them justifiable confidence that their trading operations will not be disrupted by even the most significant changes in venue infrastructure," adds Barnby.
The Fidessa client community accounts for a large portion of the volume traded on the London Stock Exchange, and the majority of the larger member firms use Fidessa's platform. Fidessa's global products and services support more than 26,000 users at around 950 clients worldwide and are used by more than 85 per cent of tier one financial institutions. Fidessa's network provides connectivity to more than 2,400 buy-side and 600 brokers across 154 markets around the world.