Press releases 2005
24 October 2005
EXCHANGE ANNOUNCES SUCCESSFUL IMPLEMENTATION OF INFOLECT™ - THE FASTEST EXCHANGE INFORMATION DELIVERY SYSTEM IN THE WORLD
The London Stock Exchange today announced the successful implementation of Infolect™, the fastest real-time information delivery system of any exchange in the world.
Infolect is based on new generation technologies and delivers a step-change in scalability and flexibility, enhancing the Exchange’s ability to support ever more sophisticated trading strategies and to stimulate market growth.
Through the exploitation of the Microsoft .Net framework and Microsoft SQL Server database, Infolect has been built to achieve unprecedented levels of performance and business agility while maintaining the 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 10 million messages a day with a total of 97,000 terminals receiving real time Exchange market data, which is viewed in over 100 countries.
Infolect is a key component of the 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 Exchange’s trading systems since the implementation of the Sequence Programme and SETS between 1994 and 1997.
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 Exchange’s leadership in the development of next generation trading systems.”
The TRM programme is being implemented in partnership with the leading names in technology services, including Accenture and Microsoft.
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 Ltd., 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 Exchange has also successfully 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.
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Notes to editors:
• About Infolect™:
Infolect is based on new generation technologies and delivers a step-change in speed and scalability, and enables the Exchange to broaden the range of market data products it offers.
Infolect provides significantly greater functionality than the previous London Market Information Link (LMIL), supporting multiple protocols and multiple data specifications according to customer demand.
Infolect‘s implementation involved the transfer of existing services delivered via LMIL, on to new infrastructure. Stage Two of the rollout of Infolect, which is scheduled to commence from November 2005, will focus on the introduction of Service Channels and new products.
For further information:
• About the London Stock Exchange:
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.
The London Stock Exchange is the most international equities exchange by trading in the world and Europe's largest pool of liquidity. In 2004, 80% of all European IPOs floated in London. By the end of 2004, the market capitalisation of UK and international companies on the London Stock Exchange’s markets amounted to £3.5 trillion, with £4.7 trillion of equity business transacted over the year.
The London Stock Exchange is a Recognised Investment Exchange (RIE) under the Financial Services and Markets Act 2000 and is supervised by the Financial Services Authority.
• About Accenture
Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills, and technologies to help clients improve their performance. With more than 123,000 people in 48 countries, the company generated net revenues of US$15.55 billion for the fiscal year ended Aug. 31, 2005. Its home page is www.accenture.com.
• About Microsoft
Founded in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software, services and solutions that help people and businesses realise their full potential.