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London Stock Exchange implements Infolect
26 October 2005
The London Stock Exchange has implemented Infolect, the fastest real- time information delivery system of any exchange in the world.
Infolect is based on new generation technologies and enhances the London Stock Exchange's ability to support ever more sophisticated trading strategies and to stimulate market growth. Infolect has been built using the Microsoft .NET Framework and Microsoft SQL Server database.
It aims to achieve unprecedented levels of performance and business agility while maintaining the London Stock Exchange's world leading service reliability record. In addition, the new infrastructure has been designed to be backwards compatible with customers' existing technology systems to minimise market impact.
Infolect currently broadcasts over 10m messages a day with a total of 97,000 terminals receiving real-time Exchange market data, which is viewed in over 100 countries.
The London Stock Exchange is one of the world's leading equity exchanges and an international provider of services that facilitate the raising of capital and the trading of shares and debt securities.
It is the most international equities exchange by trading in the world and Europe's largest pool of liquidity. By the end of 2004, the market capitalisation of UK and international companies on the London Stock Exchange's markets amounted to £3,500bn (€5,150bn).
Infolect is a key component of the London Stock Exchange's Technology Roadmap (TRM), a four-year transition to next generation trading technology due for completion in early 2007. It represents the biggest development to the London Stock Exchange's trading systems since the implementation of the Sequence Programme and Stock Exchange Electronic Trading Service (SETS) between 1994 and 1997. The TRM programme is being implemented in partnership with Accenture and Microsoft.
David Lester, chief information officer of the London Stock Exchange, said: "As our customers continue to use the latest technology to upscale their trading strategies, Infolect gives them access to real-time information faster than any other exchange in the world.
"Infolect is a mission critical component of our Technology Roadmap. Its successful implementation, with support from our technology partners, demonstrates the London Stock Exchange's leadership in the development of next generation trading systems."
Adrian Lajtha, group chief executive for Accenture's Financial Services practice, said: "We have worked closely with the exchange at every stage of the Infolect project, and we understand that lightning fast and highly reliable information is the lifeblood of the increasingly automated capital markets.
"Through our long-term relationship, we are helping the London Stock Exchange and the market it serves reach a new level of high performance through the use of next generation technology."
Andrew King, group director of financial services at Microsoft, said: "As a key strategic technology partner with the London Stock Exchange that places our .NET Framework and SQL Server database at its core, Infolect is an important milestone project for Microsoft, as well as the exchange's Technology Roadmap.
"The ever increasing demand for real-time, mission-critical data fluidity that underpins efficient trading has been answered by powerfully deployed, innovative and scaleable Microsoft technology."
The London Stock Exchange has also completed a trading capacity upgrade project that has doubled SETS system capacity again.
It will accommodate projected growth in trading volumes ahead of the introduction of the new TRM trading platform in early 2007. Since the introduction of SETS in October 1997, the average daily number of order book trades has grown from 11,000 in November 1997 to over 205,000 in September 2005, almost an 18 fold increase.