LSE to explore IT related activities in Sri Lanka
The world's most international capital market , the London Stock Exchange (LSE) was fully automated in 1997 following the big bang. (a situation where the technology companies were listed.), said Director of Information Services LSE David Lester.
He was addressing a meeting, organised by the Council for Business with Britain (CBB) on the theme 'Our Journey to Sri Lanka' by The London Stock Exchange.
He said that by that time the LSE was involved in listings, trading and providing information services through Bloomberg, Reuters. There were 2300 companies listed on the LSE with a market capitalisation of 2.9 trillion US dollars.
During the period 1997-2007 the number of trades per day increased from 30,000 to 1.6 million which is quite large.
Lester said that this increase in the volume of trading led us to search for the next generation of technology to support our markets.
We looked at all technologies around the world which led us to Millennium IT.
Tony Weerasinghe and his team of committed people made us decide on Millennium IT in Sri Lanka. He said the acquisition of Millennium IT provides the LSE group with a new high performance scalable matching engine as well as in house software development expertise with dedicated research and development.
Speaking of the future Lester said that they are planning to deploy Millennium IT solutions to the LSE Group markets, maximise the benefits of offshore footprint, explore IT and BPO opportunities and participate more widely on IT related activities in Sri Lanka.