MillenniumIT, a leading technology solutions provider and part of London Stock Exchange Group, announced that they had signed an agreement with Hong Kong Exchanges and Clearing Limited (HKEx) to provide the bourse with its gateway platform Millennium SOR for its Orion Central Gateway project.
The Orion Central Gateway project will see the introduction of a central gateway to replace the existing distributed gateway infrastructure in the cash market of the exchange. The implementation of the MillenniumIT platform will result in reduced costs to market participants, reduced latency and result in the market migration to the protocols and methods that will be adopted within the exchange’s future trading system.
Tony Weeresinghe, CEO of MillenniumIT and Director of Global Development at London Stock Exchange Group said, “We are very pleased that MillenniumIT has been selected by HKEx, to power its Orion Central Gateway. To be chosen by a world leader in capital markets is a testament to the superior architecture of our products, which are capable of delivering fast, flexible and high availability solutions. We look forward to working with HKEx to provide its participants with increased efficiencies in connectivity to the exchange.”
Senior Vice President of Platform Development and Strategy at HKEx, Julian Ragless said, “The HKEx Orion Central Gateway is a further step in our aim, to provide a more efficient trading infrastructure for our trading community, and to boost competitiveness for the overall Hong Kong market.
“In evaluating service providers, we applied a stringent set of requirements in terms of performance and functionality. We selected the Millennium SOR based on its capability to handle a high level of order throughput with microsecond levels of latency and high availability.”
The project is currently expected to go live in the third quarter of 2013, providing cost-efficient performance, functionality, flexibility and availability on the order management infrastructure of the exchange. MillenniumIT is now live at over 30 customer sites around the world.