The London Stock Exchange Group (LSEG) has restructured its technology businesses under a single brand, LSEG Technology. The change took place over the summer period, according to an LSEG spokesperson.
MillenniumIT, which provides a range of systems including its Exchange platform, employed by the LSEG’s equity market, along with market surveillance and post-trade offerings, has been brought into the new unit, with the group’s other technology platforms Gatelab, Exactpro and BTS Trading.
Gatelab offers sell-side technology, Exactpro provides systems testing, while BTS Trading is London Stock Exchange Group’s trading software for access to trade Group markets including London Stock Exchange, Borsa Italiana and Turquoise.
Nigel Cairns was named general manager of LSEG Technology in September 2016, but the unit did not absorb the MillenniumIT business until the summer of 2017, according to an exchange spokesperson. Cairns was formerly global head of Risk Analytics and Portfolio valuations at derivatives pricing and data provider Markit, which acquired his previous firm QuIC Financial Technologies. He left Markit after its initial public offering and subsequent acquisition by IHS.
The LSEG leadership team include his two former QuIC colleagues, Hugh Richards, now head of Product and Solutions Management, LSEG Technology and Tony Coppellotti, now head of Delivery Management at LSEG Technology. Each platform has retained management teams with Gehan Dias becoming general manager for MillenniumIT. The chief executive of MillenniumIT, Mack Gill, left the firm in April, joining post-trade securities and derivatives processing software firm Torstone Technology in September 2017, as chief operating officer. He had joined MillenniumIT as CEO in 2013, from SunGard Data Services.
Overall technology services saw revenues of £88.3 million up from £80.6 million in 2015. MillenniumIT reported several contract wins in 2016: Singapore Exchange’s central depository business went live with MillenniumIT PostTrade platform; LSEG’s Turquoise migrated to MillenniumIT Surveillance platform in December 2016 and Millennium Exchange and Millennium Surveillance were implemented in the Casablanca Stock Exchange.
An ongoing project to upgrade the technology platform of central counterparty LCH Clearnet, scheduled for late 2017, is still underway according to an LSEG spokesperson.