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The London Stock Exchange says TradElect, its new electronic trading system, will allow market participants to benefit from significant increases in both speed of trading and system capacity, encouraging activity by algorithmic traders.
'The introduction of TradElect, the culmination of a four-year investment in next-generation technology, will deliver a step change in trading capabilities to the London market,' says David Lester, the exchange's chief information officer.
'As high-frequency algorithmic traders look globally for pools of liquidity in which to find alpha opportunities, TradElect sets new benchmarks in terms of system capacity and performance.
'TradElect reflects the exchange's strategic decision to replace its technology rather than take tactical steps to adapt the existing, outdated technology that most other market centres are using. Its launch underlines the exchange's commitment to invest continuously to improve market efficiency for the benefit of all traders, investors and listed companies.
'Together with a long-standing reputation for full transparency of information, strong regulation and progressive fee reductions, the London markets are underscoring their leading global position.'
TradElect gives the market the ability to execute trades fully and resiliently in around 10 milliseconds. This builds on the performance of Infolect, launched in October 2005, which provides the market with a full depth view of company prices within two milliseconds. According to the exchange, these levels of performance should drive further increases in trading volume and allow new market strategies to be applied in London.
TradElect also increases the exchange's capacity, initially fivefold, to enable significant trading growth. The exchange says the system's launch capacity would be sufficient to handle the current level of trading transactions for all European equities. Moreover, TradElect will allow the exchange to further double capacity on demand, at less than one fifth of previous costs.
The new platform has been designed to the highest levels of resilience with comprehensive back-up, which includes dual processing at two sites and recovery from component failure within a second.
In preparation for the launch, customers had access to test environments for the previous nine months and there were three market weekend dress rehearsals over the past two months to prepare market systems for cutover.
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