LSE speeds up trading

THE LONDON Stock Exchange has transferred its main trading platform to a faster system in an effort to gain ground on technologically superior competitors.

The bourse, which has been hit by several embarrassing technology glitches in the past, said the transition to its new ultra-low latency trading platform – Millennium Exchange – went smoothly.

It is replacing its TradElect system with one supplied by MilleniumIT, the Sri Lankan firm it bought for $30m (£18.7m) in 2009.

Duncan Higgins, head of electronic sales at Investment Technology group said: “The opportunity is that they can step forward and be quicker than they were but also to be more cost efficient.

The new Linux-based operating system will slash trading speeds to less than a millisecond.