Press releases 2007
London & Johannesburg, Friday 23 March 2007
LONDON STOCK EXCHANGE AND THE JSE CELEBRATE THEIR
TECHNOLOGY & BUSINESS PARTNERSHIPS
Formal signing ceremony renewing technology and business partnerships ahead of go-live of TradElect™ for the Johannesburg market
The London Stock Exchange and the JSE Limited (JSE) today marked the next stage of their technology and business partnerships, with a formal contract signing ceremony in London, extending their technology services and business agreements for a further five years. Earlier, Leanne Parsons, Chief Operating Officer of the JSE and Clara Furse, Chief Executive of the London Stock Exchange formally opened the London markets.
Since May 2002, the London Stock Exchange has supplied the JSE with its trading system, JSE SETS, on an Application Service Provider basis. JSE market participants access the trading system via a dedicated communications link between Johannesburg and London.
On Monday 2 April, TradElect™, the London Stock Exchange’s next generation trading system, designed to deliver very high levels of performance and scalability, will go live for the JSE and Namibia market participants.
The London markets are scheduled to go live on TradElectÔ in the second quarter of 2007.
TradElect’s introduction is the final and most significant phase of the London Stock Exchange’s Technology Roadmap (TRM) - a four year transition to next generation trading technology. It represents the biggest development to the London Stock Exchange’s trading infrastructure since the implementation of the Sequence Programme and SETS between 1994 and 1997.
The two exchanges have also agreed to further develop business co-operation to encourage growth in listings, trading and data sales.
Leanne Parsons, Chief Operating Officer of the JSE said.
“As part of the JSE’s broader effort to strengthen its role as a competitive force in the global financial marketplace, the JSE is pleased to be able to implement the London Stock Exchange’s new superior trading platform, TradElect. Over the last five years, the JSE has developed a strong relationship with the London Stock Exchange and we are excited to be the first exchange to use their new technology.”
Clara Furse, Chief Executive of the London Stock Exchange said:
“We are delighted to renew our technology and business agreements with the JSE, and look forward to extending the scope of our partnership to the benefit of both of our markets and companies. As the leading exchange in Africa, the JSE will, through the adoption of TradElect, be operating on world-leading technology, combining very low levels of latency, with high levels of scalability and systems reliability.”
Since the migration of the JSE's trading to SETS in May 2002, the average daily number of trades on the JSE has increased by over 140 per cent, growing from 15,000 in May 2002 to 37,000 in February 2007 and has operated with 100 per cent availability.
For further information, please contact:
London Stock Exchange:
John Wallace Press Office +44 (0)20 7797 1222
Leanne Parsons +27 (0)11 520 7340
Noah Greenhill +27 (0)11 520 7130