Late last year London Stock Exchange Group completed the migration of all of its 12 trading venues from outmoded TradElect to a system designed by technology subsidiary MillenniumIT, and the results have been dramatic: significant improvements in latency delays, a 400 percent increase in order-execution capacity and a 50 percent reduction in cost. Weve reinforced the confidence of the trading community in our technology, says Antoine Shagoury, the former American Stock Exchange CIO who joined LSE in 2010 and was promoted from CIO to COO in 2012. The group in May completed the purchase of 58 percent of LCH.Clearnet Group for as much as 536 million ($700 million), signaling some new strategic directions. In February, LSE bought 67 percent of 5 million-in-revenue trading and posttrade software company GATElab. The technology market was driven first by very aggressive trading and investment strategies, says Shagoury, 43. Now we are modernizing the tail end. Were taking our traditional strengths in transaction services and expanding to information and posttrade services. Information services revenue jumped 40 percent in the year ended March 31, to £360 million ($565 million), while total revenue rose 7 percent, to £726 million.
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