MillenniumIT

MillenniumIT
Private
Industry Information Technology
Founded Malabe, Sri Lanka (1996)
Founder Tony Weerasinghe
Number of locations
 London, Boston, New Jersey, Toronto, Mumbai, Colombo, Malabe
Area served
 Worldwide
Key people
 Mack Gill (CEO)
Products Millennium Exchange, Millennium Surveillance, Millennium SOR, Millennium PostTrade, Millennium MarketData, Millennium LiveOps
Services Capital Markets, Systems Integration, Core infrastructure solutions, IT Security solutions, Business collaboration technologies, Enterprise performance management, Telecommunications
Revenue GBP 80.6 Million (2015)[1]
Number of employees
 451 (2009)
Parent London Stock Exchange Group
Divisions Capital Market Solutions, MillenniumIT Systems Integration Business
Website millenniumit.com

MillenniumIT (known as Millennium Information Technologies or MIT) is a Sri Lanka-based information technology firm that specialises in electronic trading systems and is headquartered in Colombo, Sri Lanka. It has been a fully owned technology business sector of London Stock Exchange Group since 2009.

MillenniumIT’s systems are used by exchange businesses around the world including, London Stock Exchange, Borsa Italiana, Oslo Børs, Turquoise, the London Metal Exchange, Johannesburg Stock Exchange and a series of emerging market exchanges.

History

The company was founded in 1996 by Tony Weerasinghe as a systems integrator and Sun Microsystems authorized reseller. MillenniumIT entered the software design field the following year when it interpreted a systems integration contract from the Colombo Stock Exchange (CSE) as an opportunity to design and install a straight-through processing system for the Exchange. The CSE solution became the basis for MillenniumIT’s suite of capital-markets software products. In the year 2000 MillenniumIT became Sun Microsystems’ regional distributor for Bangladesh, Nepal and Maldives. Its capital-markets software found a number of customers around the world, and in 2001 MillenniumIT won its first major US contract and set up operations in Boston, MA.

In 2002, the firm moved into its new corporate headquarters, the first Silicon Valley style software campus in Sri Lanka. The company was awarded contracts in Boston and Nairobi. It also continued to expand by opening a UK subsidiary and office in 2004. The following year, the company was contracted to provide an automated equity, ETF and options-trading system for the American Stock Exchange (AMEX).[2]

Live trading at AMEX commenced in 2006, even as the company received a US patent on its Business Innovation Dynamically (BID) technology. At home in Sri Lanka, MillenniumIT commenced implementation of a countrywide intranet for the national fixed-line telecoms provider, SLT, while US operations expanded with a new office in Jersey City, NJ.[3]

London Stock Exchange Group acquisition

Following a contract with London Stock Exchange (part of London Stock Exchange Group - LSEG) for a new trading platform for equities, MillenniumIT was acquired by LSEG in 2009. The acquisition gave the company a footing in international competition, and a number of orders from around the world followed shortly.

In 2010, LSEG's Turquoise trading platform was successfully migrated to Millennium Exchange, MillenniumIT’s flagship capital-markets software. The company was now active on four continents, and important business wins continued in Canada, India and South Africa. It also entered into a partnership agreement with Tullett Prebon to further develop the IDB’s electronic broking capabilities across a variety of asset classes for internal and external trading systems. In June 2014, founder and CEO Tony Weeresinghe resigned from the company.[4]

Products

MillenniumIT's suite of capital markets products include Millennium Exchange™ (trading platform), Millennium SOR™ (smart order router), Millennium MarketData™ (multi-market data dissemination) Millennium Surveillance™ (market surveillance and regulatory compliance), Millennium PostTrade™ (clearing and settlement) and Millennium Gateway (single trading interface). These products cater to trading multiple asset classes including equities, derivatives, debt, commodities, forex, structured products and exchange-traded funds.[5]

The systems integration business of MillenniumIT, is a leading Sri Lankan information technology solutions provider, specializing in IT solutions for the financial and telecom industries. MillenniumIT also offers information technology infrastructure and consulting services.[5]

References

  1. ↑ http://www.lseg.com/sites/default/files/content/documents/LSEG%20Annual%20Report%20-%2031Dec2015.pdf
  2. ↑ "S'pore bourse selects MillenniumIT as post-trade tech partner". Daily Mirror.
  3. ↑ "About us". Millennium IT. Retrieved 30 November 2013.
  4. ↑ "Founding CEO Of MilleniumIT Tony Weerasinghe Resigns". Asian Mirror. May 20, 2014.
  5. 1 2 "About us". MillenniumIT. MillenniumIT. Retrieved 23 August 2015.
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