MillenniumIT, London Stock Exchange’s proprietary technology business service provider said yesterday that it has been selected by Singapore Exchange (SGX) to power the bourse’s post trade operations.
SGX will install Millennium PostTrade, MillenniumIT’s scalable and flexible multi-asset clearing, settlement, risk and central depository solution for Singapore’s securities market.
Millennium PostTrade is built on MillenniumIT’s advanced technology platform, providing highly flexible, ultra-low latency operations. This technology is based on MillenniumIT’s own patented BID technology, which gives customers heightened flexibility, allowing for the rapid rollout of regulatory and market-driven changes.
The i mplementation of Millennium PostTrade will enable SGX to offer its clients advanced, reliable, flexible real-time post trade services on a single platform, across asset class.
“We are delighted to have been selected by SGX to power its global post trade operations for multi-currency, multi-asset class solutions for SGX members. Not only is SGX South East Asia’s largest bourse but it is also the region’s most international exchange. This represents a significant partnership for us and the first contract win for the full Millennium PostTradeTM solution,” MillenniumIT CEO Mack Gill said.
Magnus Bocker, CEO of Singapore Exchange said, “SGX is once again bringing next-generation services and technology to its securities market as we continue to strengthen our Asian Gateway proposition. Our customers can expect improved access, efficiency and flexibility in the types of products and services we will offer once the system is in place. We look to London Stock Exchange Group for its support as we introduce this new technology to our market, the first implementation of such scale for Millennium PostTrade.”