Millennium
Exchange™
Fast, flexible, multi-asset trading engine
To thrive in the current
environment, you need
a trading platform
that moves as quickly
as you do.
Innovation is power
Millennium Exchange
™
The MillenniumIT technology advantage
Built on rulebased, distributed
and fault-tolerant
technology
Reliable. Scalable.
Flexible. Cost effective.
MillenniumIT technology powers many of the world’s
financial markets. Our advanced, proven, ultra-low latency
technology has transformed markets and the organisations
that participate in them.
Since switching to MillenniumIT technology, London
Stock Exchange has enjoyed significant improvements
in latency, a 400% increase in order-execution capacity
and a notable reduction in cost.
A highly extensible
electronic trading
platform which
can be deployed to
trade virtually any
product in any type
of market.
01
Our technology is advanced, rule-based and fault-tolerant.
This permits MillenniumIT technology to optimally balance
ultra-low latency, flexibility, rich functionality and easy
connectivity with a fast time to market, high throughput,
reliability, scalability and a low total cost of ownership.
MillenniumIT technology can support multiple products
in any type of market. As a distributed system, with its
patented software-fault-tolerant technology, it has very
high reliability and availability. Overall, across all our
global implementations to date, our technology has
achieved 99.996% availability.
Crucial to its success is MillenniumIT’s patented BID
(Business Innovation Dynamically) technology. BID
technology separates business rules from the underlying
technology, so that a customer’s solution can be uniquely
configured without changing the product code. This
shortens the solution implementation and makes
change easier and cheaper.
MillenniumIT technology is used to power trading, real-time
surveillance, market data services, order gateway, smart
order routing and post trade services across the globe.
Our flagship product, Millennium Exchange™, is built on
MillenniumIT’s technology platform. Millennium Exchange™
is endlessly extensible, with the ability to grow and change
as quickly as your business. It is highly reliable, scalable
and flexible to meet your specific needs.
Millennium Exchange™ / Fast, flexible, multi-asset trading engine
Millennium Exchange
™
99.996
%
availability
Unparalleled flexibility
Performance
Millennium Exchange™ can be configured to
trade virtually any product in any type of market.
Order latencies under 50 microseconds.
Scalable to 1 million orders per second.
Millennium Exchange™ provides a very broad range
of trading functionalities and supports a wide range of
markets. Any type of instrument, including cash and
derivative products on equities, fixed income, commodities
and currency can be traded on almost any type of market
structure, including order-driven, quote-driven and hybrid
market structures. Multiple types of users are supported
including brokers, dealers, market makers, clearing
firms and buy-side customers.
Millennium Exchange™ provides unrivalled levels of
performance. Highly optimised processing techniques
enable the system to handle very large order rates with
latencies under 50 microseconds – using off-the-shelf
hardware. The platform is also readily scalable to 1 million
orders per second.
Millennium Exchange™ is designed to accommodate and
react quickly to changes in the regulatory and competitive
environment. MillenniumIT’s BID technology allows a
client’s business practices and rules to be incorporated
into the platform without making changes to the software
code. This enables the solution to be customised to meet
the exact business requirements faster, than with more
traditional approaches.
One platform,
many functions
Millennium Exchange™ offers a large number of different
market structures on the same platform such as quotedriven, order-driven, negotiated, auction only and dark pools.
Key features of Millennium Exchange™ include:
——a comprehensive range of order types, order book
prioritisation and trading methods
——market making
The unique MillenniumIT technology platform allows
a single product and code base for all customers, whether
they process 5 million or 1 billion orders a day. This means
you can start with a system sized for your immediate needs
and easily scale up as your customers change and your
volumes and product offering grows.
Reliability
Millennium Exchange™ is built on proprietary faulttolerant technology, where immediately available replica
processes ensure uninterrupted trading even in the face
of software or hardware outages. It provides fault tolerance
within and across main and DR sites. Overall, across all our
global implementations to date, our technology has
achieved 99.996% availability.
Our 24-hour support centres provide worldwide support for
warranty-based activities, maintenance calls and time and
material services; ensuring that your system is supported
24 hours a day, 7 days a week.
“The strength of Millennium Exchange™
lies in our proven technology.”
——trading of multi-legged strategies including multi-level
implied orders
——registration of privately negotiated trades
——real-time publication of a wide range of pre- and
post-trade market data
——a range of pre-trade risk filters to protect the marketplace
——connectivity via industry standard protocols such
as FIX, FAST and MITCH
——industry best practices.
02–03
Millennium Exchange™ / Fast, flexible, multi-asset trading engine
Easy to use and
easy to understand
Reducing the
cost of trading
Millennium Exchange™ is designed to be affordable,
with a low total cost of ownership. The system can be
operated on low cost, off-the-shelf hardware. It includes all
the software necessary to manage and operate the system,
reducing your cost. The system’s unique flexibility and
easy scalability cuts the cost of change and ensures costeffective management of your future needs. The system can
be run by a small team of market and system operators.
Low-cost hardware
Millennium Exchange™ achieves its performance with
highly optimised software design, eliminating the need
for expensive, specialist hardware. Its software is designed
to fully exploit the capabilities of the new generation
of multi-core processor-based hardware.
Millennium Exchange™
is the only platform
that offers everything:
reliability, flexibility,
performance and low
cost of ownership.
02–03
Fast time to market
Millennium Exchange™ is deployed quickly, resulting in
a shorter time to market. The great majority of customer
requirements are already available ‘off the shelf’.
MillenniumIT’s BID technology allows fast and
straightforward implementation of business rules, resulting
in lower support costs. It is easy to use and understand,
which means less training and administration time.
Reduced bandwidth
MillenniumIT has devised a new concept in market data
delivery to trader workstations. Spatial subscription, our
proprietary technology (patent pending), gives ‘instant on’
and ‘instant restore’ capability to the user. As the rate
of flow of data to the desktop is proportional to the data
items visible on the screen, bandwidth requirements
are significantly reduced.
Easy connectivity
Millennium Exchange™ supports industry standard
interfaces (e.g. FIX, MITCH, FIX/FAST). Global ISVs, market
data vendors, global broker-dealers and HFTs are
already connected to us.
MillenniumIT: capital market product specialists
MillenniumIT has been building technology for capital
markets for over 15 years. We have patented some of
the key technologies for flexible, high performance and
high availability systems. Our platforms are deployed
across the globe and we have experience in a wide variety
of markets: frontier, emerging and mature markets;
regulated exchange, ECN/MTF, dark pool, OTC market;
cash and derivative products of equities, fixed income,
commodities and more.
Millennium Exchange™ / Fast, flexible, multi-asset trading engine
System performance
Millennium Exchange™ in summary
Enabling trading
in any asset class
Millennium Exchange™ is the only platform that
offers such great levels of reliability, scalability and
flexibility. It offers a wide variety of functional and
technical features:
——Price monitoring (price bands, circuit breakers,
execution limits, short sale rules, etc.)
——Any asset class (equity, fixed income, commodities,
derivatives, etc.)
——Flexible order book prioritisation schemes (price-time,
pro rata, size-time, etc.)
——Multiple market structures (regulated exchange,
ATS, ECN, dark pool, OTC market internaliser, etc.)
——Theoretical options pricing models
——Flexible quotation conventions (price, yield, rate, etc.)
——Pre-trade user level risk controls (gross consideration,
net consideration, net loss, price bands, etc.)
——Bulletin board
——Comprehensive range of order types
——Off-book trades (reporting, cancellation, delayed
publication, pre-release, etc.)
——Support for market making (quotes, mass quotes,
RFQs, special allocations, etc.)
——Support for strategies (multi-legged instruments,
implied orders, tailor-mades, etc.)
——Multiple trading methods (continuous matching,
auctions, etc.)
——Trade enrichment
——Trading across multiple order books (regular, dark,
odd lot, non-regular settlement, etc.)
——Real-time publication of order book and time
and sales information
——Comprehensive range of statistics (opening price,
closing price, high/low, VWAP, volume, indicative
auction price, etc.)
——Multiple currencies and time zones
24/7
support available
for your system
04
——Flexible user permissioning scheme
——Comprehensive market operations functionality
(manage orders, cancel trades, halt/resume trading,
extend/shorten sessions, suspend participants,
manage static data, etc.)
——FIX, FAST and binary interfaces for order submission,
trade reporting, drop copies and market data
——Complete audit trail
——Industry standard protocols for order submission,
trade reporting, drop copies and market data.
Millennium Exchange™ / Fast, flexible, multi-asset trading engine
Related products
CAPITAL MARKETS
Millennium Surveillance™
Real-time, multi-market, multi-asset class monitoring and compliance
Millennium SOR™
Ultra-low latency, flexible and intelligent order routing
Millennium MarketData™
Ultra-fast and efficient data for financial markets
Millennium Gateway™
High performance order routing platform
Millennium PostTrade™
Real-time, cross-asset clearing, settlement, risk and CSD solutions
Millennium LiveOps™
High availability IT operations for capital market firms
“Millennium Exchange™
is the only platform that
offers such great levels
of reliability, scalability
and flexibility.”
Our offices
Malabe
Millennium IT Software (Pvt) Ltd
1, Millennium Drive
Malabe
Sri Lanka
Telephone +94 11 2416000
Fax +94 11 2413227
[email protected]
London
Millennium IT Software (Pvt) Ltd
10 Paternoster Square
London EC4M 7LS
United Kingdom
Telephone +44 (0)20 7797 2005
Fax +44 (0)20 7797 9723
[email protected]
Colombo
Millennium Information
Technologies (Pvt) Ltd.
48, Marcus Fernando Mawatha
Colombo 7
Sri Lanka
Telephone +94 11 2416000
Fax +94 11 2413227
[email protected]
© 2013 Millennium Information Technologies (Pvt) Ltd
www.millenniumit.com