MillenniumIT, London Stock Exchange Group’s proprietary technology business, announced that it has successfully implemented its Millennium PostTrade platform to support SGX’s Central Depository Ltd.’s (CDP) business.
Millennium PostTrade, a highly integrated, real time clearing, settlement and depository platform will initially enhance SGX’s securities clearing and connectivity capabilities and provide a solid technology platform to replace CDP’s settlement and depository systems. With the clearing system and the Application Programming Interface (API) now live, SGX will work with their broker dealers and participants to migrate away from SGX’s proprietary broker back office system.
Millennium PostTrade will enable CDP to adopt global market practices, real time straight-through-processing and industry messaging standards (including FIXML and ISO20022) to deliver improved functionality, performance, flexibility and scalability. Millennium PostTrade is fully SWIFT compliant and builds on the real time clearing platform that MillenniumIT first introduced in Europe in 2013.
MillenniumIT CEO Mack Gill said: “We are delighted that SGX has gone live with Millennium PostTrade and we look forward to continuing our close working relationship to further deliver leading edge technology and improved functionally to support the on-going transformation of SGX’s clearing, settlement and depository business. We are committed to leveraging new technology to drive a new real-time clearing paradigm across the global post trade industry.” Singapore Exchange SVP and Head of Market Services Nico Torchetti said: “With this implementation, our brokers’ back-office systems have been enhanced from indirect to direct communication with SGX for all post-trade processing. The ongoing transformation of SGX’s post trade environment will increasingly enable us to deliver greater levels of standardisation and efficiencies for our customers.”