Hoping to keep pace with the high-tech strategies of other major exchanges and new-breed alternative trading systems, the London Stock Exchange Group in February brought in Antoine Shagoury, most recently part of the NYSE Euronext empire, as chief information officer.
The move freed David Lester, who had previously held the job, to oversee the merger of the groups alternative trading platforms, Turquoise and Baikal. It also underscored the priority that CEO Xavier Rolet, to whom Shagoury reports, has placed on boosting the bandwidth across the top team.
Along with Shagoury, who had been CIO of the American Stock Exchange since 2004 and saw it through its 2008 acquisition by NYSE, Rolets IT brain trust includes Lester; capital markets director and Borsa Italiana CEO Raffaele Jerusalmi; post-trade director Kevin Milne, formerly of capital markets data provider Xtrakter and Thomson Financial; and Tony Weeresinghe, CEO of Sri Lankan software developer MillenniumIT, which the LSE bought last September.
The exchange is replacing its aging TradeElect trading platform with technology from MillenniumIT, which, coincidentally, Shagoury had selected back in 2006 to upgrade the Amex. Shagoury, 39, is hard at work testing and refining the new system with client firms, with a September target date for the cutover. Now it exists in a separate, parallel environment that people can access and work through, he says. When it comes time for the actual release, it will be an on-off scenario.
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