Norwegian exchange operator Oslo Børs has confirmed it will be moving its equity and fixed income trading onto Millennium Exchange, the trading platform owned by the London Stock Exchange (LSE).
A timetable for the implementation will be announced in due course, said the LSE.
Millennium Exchange was developed by MillenniumIT, the Sri Lanka-based technology firm purchased by the LSE for US$30 million in October 2009. The platform was introduced on the LSE's UK market in February 2011, following earlier delays.
In March 2009, Oslo Børs and the LSE entered into a strategic partnership for equities, fixed income and derivatives markets. As part of this agreement Oslo Børs has used trading technology from the group since 2010. The LSE's Turquoise Derivatives market currently operates a linked order book model with Oslo Børs to offer Norwegian liquidity to the international community via London.
“Oslo Børs has decided to use the LSE's Millennium Exchange as it is one of the world's fastest trading systems,” said Anders Brodin, deputy CEO and head of market places at Oslo Børs. “Latency has become an ever more important factor for market participants, and the implementation of Millennium Exchange will strengthen the competitive position of Oslo Børs.”