Borsa Italiana's Cash Market Go Live On Millennium

25/06/2012

London Stock Exchange Group is pleased to announce that Borsa Italiana’s cash markets have migrated to the ultra low-latency trading platform, Millennium Exchange. The Millennium Exchange offers new order types, broadening trading and investment opportunities for market operators*.

The move follows the successful migration of London Stock Exchange’s cash markets, Order Book for Retail Bond Market and the Turquoise MTF platform. Millennium Exchange is a highly scalable, multi-asset class trading platform, offering the LSE Group’s customers superior technical performance, ultra low-latency and enhanced functionality and flexibility.

Borsa Italiana has also updated the configuration of its servers in Milan, bringing the hardware closer to its markets to ensure better efficiency and coverage.

Raffaele Jerusalmi, CEO of Borsa Italiana said:

"The migration of Borsa Italiana’s cash markets to the Millennium Exchange represents an important step for Borsa Italiana and its customers. As we have seen with previous migrations across the LSE Group, the platform provides exceptional levels of performance, functionality, and capacity."

*New functionality available following the migration

- "cross orders", finalized to the conclusion of contracts where the counterparties are predetermined or where the counterparty corresponds to the market participant itself entering the order. Such orders are executable at a price included in the range between the best bid price and the best ask price of the book, including such prices.
- "block trades", where the quantity of the contract is equal to or bigger than certain thresholds, whose execution price may be included in a bigger spread than the one provided for the ordinary cross orders
- "stop orders" and "stop limit orders": orders respectively without limit price and with limit price, that remain inactive in the trading book until a certain level of the last contract concluded is reached
- "market to limit" orders: orders entered in the pre-auction phase and executable at the auction price; the eventual remaining part is transferred to the continuous trading as limit order