Oct 22, 2012 (LBO) – Software developed by Sri Lanka based MilleniumIT, will be used by the London Metal Exchange (LME) for its real time multi-asset class surveillance system, the unit of the London Stock Exchange Group said. “We are very happy that the London Metal Exchange has chosen Millennium Surveillance as its new surveillance platform,” Tony Weeresinghe, chief executive of MillenniumIT and director of global development at LSEG said.
“We are confident that this will enable LME to accurately monitor its markets, providing real time detection of abnormal trading patterns.”
LME is already using Millenium Exchange trading software as one of two platforms for its derivatives market.
“MillenniumIT’s surveillance application will provide us with a very flexible real time analysis of trading patterns,” Diarmuid O’Hegarty, deputy chief executive at the London Metal Exchange said
“This will enhance our ability to detect and query real or apparent market abnormalities. The flexibility of the surveillance platform will allow the LME to develop new alerts, to adapt to market changes and to manage volume growth.”
The implementation of Millennium Surveillance will also allow for the integration of LME