Member firms of the London Stock Exchange (LSE) executed over 1 million trades on SETS last Thursday, setting a new daily record for the LSE. The milestone was passed at 15:15 BST and it is estimated that there were 1,262,745 trades over the course of the whole day. The value traded on SETS is estimated to have been £17.2 billion, up from the previous record of £13.5 billion set on 28 February 2007.
The LSE says that the volume of trades seen last Thursday would not have been possible without TradElect, the exchange’s new trading platform launched in June.
TradElect is the culmination of a four-year programme to build “next-generation technology” at the exchange, enabling customers to transact more trades in shorter time-spans. TradElect has increased trading capacity fivefold and improved average roundtrip latency for the customer to around 10 milliseconds, says the firm.
The next upgrade is due in November and will increase capacity and reduce latency further.