August 13 (LBO) – A Sri Lanka-based securities trading platform maker says it is planning to market software on a transaction-based fee model next year, instead of only selling systems outright. MIT has also applied to patent the technology in a number of other jurisdictions including India. œThis will be attractive for broker-dealers, MillenniumIT (MIT) Chief Executive Tony Weerasinghe said at the company’s 10-year celebrations at its software campus in Malabe Sri Lanka.
œAlready about 60 US companies have shown interest.
The company is planning to roll-out the facility in early in 2007, which will involve a broker investing in a trading terminal or ˜thin-client’ instead of setting up an entire securities trading system.
MIT would make its money by charging a small fee on each transaction.
The company entered the securities trading business in 1997 when it automated the Colombo Stock Exchange using middleware from Tibco Software.
But it later developed a faster middleware of its own and went onto automate a number of stock exchanges in the United States, Asia and Africa as well as US broker-dealers.
The Boston Stock Exchange, American Stock Exchan