Sri Lanka’s MillenniumIT to drive derivative exchange in India
COLOMBO (EconomyNext) – Sri Lanka’s MillenniumIT, a unit of London Stock Exchange said it has been selected by India’s National Commodity & Derivatives Exchange (NCDEX) to provide trading infrastructure.
NCDEX will use the firms Millennium Exchange technology for both derivative and spot trading the company said. The deal value was not disclosed.
Mack Gill, CEO, MillenniumIT said: “We’re delighted that NCDEX selected MillenniumIT to support its impressive business momentum, with the very best in agile, low-latency, financial technology.
"While every market infrastructure and its requirements are unique, MillenniumIT’s technology is designed to meet those requirements in a timely, efficient way," Mack Gill, CEO, MillenniumIT said in the statement.
"Our ability to handle any asset class across a diverse range of financial markets companies pays tribute to this."
MillenniumIT will also provide surveillance software to monitor trading.
"We believe that technology will be an important enabler in our efforts to bring innovative offerings to the market and drive greater liquidity and transparency and have chosen MillenniumIT as our technology partner," Samir Shah, Managing Director and CEO, NCDEX, said.
"We believe that with their deep understanding of the world’s financial markets and their technical prowess they will help us capitalise on the opportunities available and equip us for the future."