Apr 02, 2012 (LBO) – London Stock Exchange which is using software developed by a Sri Lanka based firm to run the world’s fastest trading platform said it is looking to expand operations is Asia, including more outsourcing. London Stock bought MillenniumIT, a Sri Lanka-based exchange software maker, three years ago, which has supplied at least 30 other securities exchanges including Colombo.
Mark Harries general manager, technology services, London Stock Exchange said the acquisition has given them a presence in Asia, an area with vast potential.
“We are looking more and more as how to use our foothold in the region to further our business and indeed to offshore more of our business into the area,” Harries told an investment forum in Colombo held with the island’s Expo 2012 fair.
He said an ‘Asian footprint’ was not part of the original objectives of acquiring the IT company.
“We looked at options around the world. We looked at 18 different options, ranging from building it ourselves, buying existing systems or developing what we already had,” Harries said.
“During our search we very quickly focused on a small company based in Sri Lanka called MillenniumIT.
“Today we are trading on systems d