Sri Lanka’s LSEG Technology improves Singapore Exchange’s settlement services
Dec 20, 2018 20:03 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - LSEG Technology, a Sri Lanka-based unit of London Stock Exchange Group (LSEG), formerly known as MillenniumIT, said it has upgraded post trade settlement and depository services of the Singapore Exchange (SGX).
LSEG Technology’s system provides for a more efficient and effective clearing, settlement and depository environment, a statement said.
“In live operation from 10 December 2018, this was a whole market implementation, involving brokers, custodian banks, settlement banks, registrars and retail investors,” it said.
“Built upon a common infrastructure to support clearing, settlement and depository modules, LSEG Technology’s Millennium PostTrade solution, delivers true benefit for our customers by improving operational efficiency and reducing the total cost of ownership,” said Ann Neidenbach, chief information officer, LSEG Technology:
Millennium PostTrade’s settlement and depository services build on centralised post-trade clearing solution already provided to SGX, the statement said.
“Built upon the same technical and hardware framework as the Clearing (Central Counterpart) module, implemented at SGX in early 2017, this functionality provides SGX with a fully integrated and complementary set of post trade solutions,” it said.
“This delivery enables SGX and the market participants to align to global market practices, messaging standardisation and the introduction of T+2 into the Singapore market.”
Tinku Gupta, Executive Vice President, Head of Technology, said SGX’s adoption of the new post trade system which LSEG Technology supported, provides for a more efficient and effective clearing, settlement and depository environment.
“We expect to build new and emerging services on this platform, thereby enabling SGX and our members to enhance services for the market.”
LSEG Technology delivers technology including broker, exchange, market data, risk management, surveillance, clearing and settlement products to customers around the world.