MillenniumIT (known as Millennium Information Technologies or MIT) is a Sri Lanka-based information technology firm that specialises in electronic trading systems and is headquartered in Colombo, Sri Lanka. It has been a fully owned technology business sector of London Stock Exchange Group since 2009.
MillenniumIT systems are used by a number exchanges and financial companies including ICAP, the London Metal Exchange, and a series of emerging market exchanges and depositories. They have also been deployed at the American Stock Exchange and the Boston Stock Exchange.
History
The company was founded in 1996 by Tony Weerasinghe. The company started with a contract to develop a straight-through processing trading platform for the Colombo Stock Exchange in Sri Lanka. In the year 2000 MillenniumIT became Sun Microsystems' regional distributor for Bangladesh, Nepal and Maldives. Its capital-markets software found a number of customers around the world, and in 2001 MillenniumIT won its first major US contract and set up operations in Boston, MA.
In 2002, the firm moved into its new corporate headquarters, the first Silicon Valley style software campus in Sri Lanka. The company was awarded contracts in Boston and Nairobi. It also continued to expand by opening a UK subsidiary and office in 2004. The following year, the company was contracted to provide an automated equity, ETF and options-trading system for the American Stock Exchange (AMEX).
Live trading at AMEX commenced in 2006, even as the company received a US patent on its Business Innovation Dynamically (BID) technology. At home in Sri Lanka, MillenniumIT commenced implementation of a countrywide intranet for the national fixed-line telecoms provider, SLT, while US operations expanded with a new office in Jersey City, NJ.
London Stock Exchange Group acquisition
Following a contract with London Stock Exchange (part of London Stock Exchange Group - LSEG) for a new trading platform for equities, MillenniumIT was acquired by LSEG in 2009. The acquisition gave the company a footing in international competition, and a number of orders from around the world followed shortly.
In 2010, LSEG's Turquoise trading platform was successfully migrated to Millennium Exchange, MillenniumIT's flagship capital-markets software. The company was now active on four continents, and important business wins continued in Canada, India and South Africa. It also entered into a partnership agreement with Tullett Prebon to further develop the IDB's electronic broking capabilities across a variety of asset classes for internal and external trading systems. In June 2014, founder and CEO Tony Weeresinghe resigned from the company.
Millennium Marketing Solutions Video
Products
MillenniumIT's suite of capital markets products include Millennium Exchange(TM) (trading platform), Millennium SOR(TM) (smart order router), Millennium MarketData(TM) (multi-market data dissemination) Millennium Surveillance(TM) (market surveillance and regulatory compliance), Millennium PostTrade(TM) (clearing and settlement) and Millennium Gateway (single trading interface). These products cater to trading multiple asset classes including equities, derivatives, debt, commodities, forex, structured products and exchange-traded funds.
The systems integration business of MillenniumIT, is a leading Sri Lankan information technology solutions provider, specializing in IT solutions for the financial and telecom industries. MillenniumIT also offers information technology infrastructure and consulting services.
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