The project sets up a central gateway to replace the existing distributed gateway infrastructure in the cash market of the exchange.
The implementation of the MillenniumIT platform will result in reduced costs to market participants, reduced latency and result in the market migration to the protocols and methods that will be adopted within the exchange’s future trading system," the statement said.
"The HKEx Orion Central Gateway is a further step in our aim to provide a more efficient trading infrastructure for our trading community, and to boost competitiveness for the overall Hong Kong market," Julian Ragless, senior vice president of platform development and strategy at HKEx said in the statement.
"In evaluating service providers, we applied a stringent set of requirements in terms of performance and functionality.
"We selected the Millennium SOR based on its capability to handle a high level of order throughput with microsecond levels of latency and high availability.”Tony Weeresinghe, chief executive of MillenniumIT and director of global development at London Stock Exchange Group said the selection by HKEx showed that its platform were "capable of delivering fast, flexible and high availability solutions."
The system is expected to go-live in the third quarter of 2013, the firm said. MillenniumIT said its software is now live at over 30 customer sites around the world.