Casablanca Stock Exchange goes live with MillenniumIT trading and surveillance technology
- Flexible and robust MillenniumIT technology implemented to meet needs of local market
- Integrated trading and surveillance solution
- Part of wider strategic cooperation agreement between LSEG and CSE
MillenniumIT, a leading innovative capital markets technology business, today announces that Casablanca Stock Exchange (CSE) has successfully gone live with Millennium Exchange for equities and fixed income trading and Millennium Surveillance to monitor trading and detect unusual behaviour.
The new integrated trading and surveillance solution allows CSE to implement greater automation and operational efficiency, underpinned by the Millennium Advanced Platform (MAP). MillenniumIT’s flexible and cost-efficient technology has been adapted to meet the needs of the local market with the introduction of new order types and a volume maximising auction process.
The new platform will support CSE’s future growth strategy and is part of a wider strategic cooperation agreement with London Stock Exchange Group to expand CSE’s activity in the North West and Central African regions. Moroccan Central Securities Depository, Maroclear, has previously selected LSEG’s UnaVista to provide its trade repository technology. Earlier this year, CSE partnered with London Stock Exchange Group to launch ELITE, a successful business development programme, in Morocco.
Out of more than 40 trading venues globally, MillenniumIT technology is now live at 15 emerging and frontier exchange operators around the world including the Johannesburg Stock Exchange, Nairobi Stock Exchange, Egyptian Stock Exchange, and Bolsa De Valores Lima.
Mack Gill, Chief Executive of MillenniumIT said:
“MillenniumIT has a long history of working with exchange operators in emerging markets around the world and we are delighted that CSE is the latest to have gone live with our world-leading, agile, low-latency financial technology. The Moroccan market has unique requirements but the implementation of MillenniumIT’s flexible technology means CSE can adapt to the local market’s needs in a cost efficient manner”.
Karim Hajji, CEO of Casablanca Stock Exchange, said:
"We are very pleased to successfully achieve this implementation and meet our deadline for go-live. This platform offers our market state of the art technology with the best international standards, and will allow us to better answer the financing needs and hedging of market risks, while supporting the development of the Casablanca Financial Market and its regional influence."
MillenniumIT is wholly owned by London Stock Exchange Group.
LSEG, which sits at the heart of world’s financial community, is able to offer a range of services, including access to the world’s most globally diverse pool of capital and investors and access to some of the best global financial expertise. This global positioning and expertise means that LSEG is exceptionally well-placed to support the development of Morocco’s financial services sector.
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Notes to editors:
MillenniumIT is the power behind many of the world’s financial markets. MillenniumIT pre- to post-trade, multi-asset, ultra-low latency, agile technology infrastructure supports the trade lifecycle for more than 40 financial institutions and financial services firms around the world.
The MillenniumIT solution suite includes ultra-low latency trading platform Millennium Exchange™, the Millennium SOR™ smart order router; Millennium MarketData™, Millennium Surveillance™, and the integrated clearing, settlement and depository solution Millennium PostTrade™. Underpinning all of these solutions and providing the core integration layer is the Millennium Advanced Platform™ (MAP™).
Clients include Borsa Italiana, HKEx, Johannesburg Stock Exchange, London Metal Exchange, London Stock Exchange Group, Singapore Exchange, Toronto Stock Exchange, Tullett Prebon and Turquoise.
Founded in 1996 and head-quartered in Sri Lanka, MillenniumIT is a fully-owned subsidiary of London Stock Exchange Group.
CSE that was established as far back as 1929 and operates within a modern market infrastructure which includes a market authority, the AMMC, a central depository, Maroclear and a centralized payment system operated by the Central Bank.
There are currently 75 companies listed on the exchange, representing all major sectors of the economy.
The Casablanca Stock Exchange is one of the most developed markets in Africa with a market capitalization of $ 48,77 billion (at the end of June 2016).
In 2014, the Casablanca Stock Exchange signs a strategic partnership with the London Stock Exchange Group (LSEG) reflecting the commitment of both financial centers to reinforce the international attractiveness of Morocco which positions itself as a regional financial hub.
Through this partnership, LSEG and CSE will work to develop the Moroccan and regional financial market, in the areas of Technology, Financing SMEs and the establishment of new products and markets including a derivatives’ market.
About London Stock Exchange Group:
London Stock Exchange Group (LSE.L) is an international markets infrastructure business. Its diversified global business focuses on capital formation, intellectual property and risk and balance sheet management. LSEG operates an open access model, offering choice and partnership to customers across all of its businesses. The Group can trace its history back to 1698.
The Group operates a broad range of international equity, ETF, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS (Europe's leading fixed income market); and Turquoise (a pan-European equities MTF). Through its platforms, LSEG offers market participants, including retail investors, institutions and SMEs unrivalled access to Europe’s capital markets. The Group also plays a vital economic and social role, enabling companies to access funds for growth and development.
Through FTSE Russell, the Group is a global leader in financial indexing, benchmarking and analytic services with approximately $10 trillion benchmarked to its indexes. The Group also provides customers with an extensive range of real time and reference data products, including SEDOL, UnaVista, XTF and RNS.
Post trade and risk management services are a significant part of the Group’s business operations. In addition to majority ownership of LCH, a multi-asset global CCP operator, LSEG owns CC&G, the Italian clearing house; Monte Titoli, a leading European custody and settlement business; and globeSettle, the Group’s CSD based in Luxembourg.
LSEG is a leading developer and operator of high performance technology solutions, including trading, market surveillance and post trade systems for over 40 organisations and exchanges, including the Group’s own markets. Additional services include network connectivity, hosting and quality assurance testing. MillenniumIT, GATElab and Exactpro are among the Group’s technology companies.
Headquartered in the United Kingdom, with significant operations in North America, Italy, France and Sri Lanka, the Group employs approximately 3,500 people.
Further information on London Stock Exchange Group can be found at www.lseg.com