The London Stock Exchange (LSE) is likely to delay its switch to its new Millennium Exchange trading platform after client requests for more testing time.
The LSE's UK market was due to go live on 1 November, after the migration of Turquoise, the LSE Group's multilateral trading facility, from its Cinnober-supplied trading platform on 4 October. It will now hold a further testing period for its members.
“Customers have asked for more time to test the platform, and so we have scheduled an additional dress rehearsal for 30 October,” said an LSE spokesperson. “After this time we will update the market on the migration timetable.”
While initially targeting migration for its main market on 1 November, the LSE also set a contingency date of 15 November. The LSE has around 300 members that will migrate to Millennium Exchange compared to around 60 for Turquoise.
Turquoise ran into teething problems during the first two days of its migration to Millennium Exchange, including an internal network issue that delayed the opening of trading on 5 October by one hour and 15 minutes.