London
Stock Exchange Group plc (LSEG) has completed its acquisition of Turquoise
Trading Limited (Turquoise), paving the way for the creation of a new
pan-European trading venture through a merger of the businesses of Turquoise
and Baikal Global Limited (Baikal).
The new
venture, which will continue to trade under the Turquoise name, aims to drive
European trading volume growth and promote venue choice. It will benefit from
synergies with LSEG infrastructure and the planned migration to MillenniumIT
trading technology.
David
Lester has been appointed CEO of Turquoise, in addition to his role as Director
of Information Services for London Stock Exchange Group.
Commenting on the completion, he said:
"I
am really looking forward to working with the Turquoise and Baikal teams, and
with clients, to build a successful pan-European trading business. Working in
partnership with a number of major global banking firms, we have a tremendous
opportunity to offer an attractive range of highly relevant and competitively
priced products and services across Europe.
"The
European marketplace for trading securities has significant scope to become
more efficient and to grow in the coming years. Turquoise’s existing
pan-European footprint is a strong proposition and together with the
introduction of new trading technology, strong governance and a neutral
structure, we believe we are well positioned to innovate and build market
share."
Following
completion of the transaction, John Wilson, CEO of Baikal has decided to leave
the company to pursue a new challenge. John leaves with LSEG’s best
wishes and gratitude for his leadership of Baikal over the past two years.
Eli
Lederman is stepping aside from his role as Turquoise Chief
Executive. LSEG will build on the business he has been integral to
developing.
London Stock Exchange Group plc (LSEG) and Turquoise Trading Limited (Turquoise) announced their agreement to create a new pan-European trading venture through a merger of the businesses of Turquoise and Baikal Global Limited (Baikal).
The new venture, an FSA regulated Multilateral Trading Facility (MTF), will expand LSEG services across Europe in both lit and dark trading, and liquidity aggregation, with the express objective of driving European trading volume growth and promoting venue choice. It will benefit from synergies with LSEG infrastructure and the planned migration to MillenniumIT trading technology.
Continuing to trade under the Turquoise name, the merged entity will be 60 per cent owned by LSEG and 40 per cent owned by the existing Turquoise shareholders, who are global investment banking clients of LSEG. LSEG intends to broaden equity participation in the new venture by selling up to a further nine per cent of the issued share capital to other interested parties. LSEG will retain a majority shareholding in the new venture.
As a neutral venue, Turquoise will be open to all market participants active in Europe and will be designed to inspire the confidence of the region’s regulators. Exchange operated, the new venture will build upon Turquoise’s existing pan-European lit order book and successful dark pool, as well as drawing upon Baikal’s innovative product pipeline.
Commenting on the agreement, Xavier Rolet, CEO of LSEG and Chairman-designate of the new venture, said:
"We are very pleased to be joining forces with a number of our major clients in a partnership which we believe will offer an attractive range of innovative and competitively priced products and services across Europe.
"The European marketplace for trading securities has scope to become more efficient and to grow significantly in the coming years. Turquoise’s existing pan-European footprint is a strong proposition and together with the introduction of new trading technology and a neutral structure, we believe it is now well positioned to be an agent of change and to capture a healthy slice of the market's growth potential."
Eli Lederman, CEO of Turquoise, added:
"Our partnership with London Stock Exchange Group is an important transaction for the next stage of Turquoise's development. In our first 18 months of operation we have achieved a pan-European footprint in both lit and dark trading. With the support of London Stock Exchange Group we will be able to simplify our operational structure, attract a wider network and expand the platform's product base."
Phil Hylander, Head of Principal Strategic Investments at Goldman Sachs, said:
“The renewal of a partnership with the London Stock Exchange is a major step forward in the evolution of pan-European market structure. It is of fundamental importance that ventures such as Turquoise, which are critical for competition, are allowed to survive and flourish.
"The injection of technology, brand, and experience that Turquoise will get from the London Stock Exchange, increases the likelihood of real, lasting competition in a marketplace characterised by established local players. In addition, it provides a platform for innovation outside of the traditional cash equity markets.”
Stephen McGoldrick, Director, Market Infrastructure at Deutsche Bank, said:
"This is an important step in the evolution of the European equities market and the ongoing drive towards lowering the cost of trading, which has been Turquoise’s goal since inception. We are pleased to be involved."
Simon Hogan, Morgan Stanley's Chief Operating Officer for Sales and Trading in Europe, said:
“Combining the operational expertise and MillenniumIT platform of the LSEG with the market structure insights of a number of the largest European trading participants creates a dynamic and powerful partnership with every chance of success in the European equity market and other asset classes."
LSEG will fully fund the cash needs of the new venture within an agreed framework for the first 24 months from completion and intends to bring the business to sustainable profitability For the year ended 31 December 2008, Turquoise’s losses before tax were £15.7 million and its gross assets at 31 December 2008 were £11.0 million. LSEG will incur exceptional costs of up to £20 million in the current financial year, comprising the write off of legacy technology costs, and provisions for restructuring and integration costs, including contract exit costs. Significant cost savings are expected to be achieved by merging Baikal and Turquoise. The transaction is expected to be dilutive in terms of adjusted earnings per share in FY 2011 while the Turquoise and Baikal businesses are combined and developed, and positive from FY 2012.
The transaction will be effected through the acquisition by a newly-incorporated subsidiary of LSEG of the existing Turquoise shareholders’ interest in Turquoise. In consideration for the transaction, the existing Turquoise shareholders will receive 40 per cent of the issued share capital in the new company which will also become the holding company of Baikal. The transaction is expected to complete mid-February 2010, subject to satisfaction of all conditions to the agreement (including the receipt of all necessary regulatory clearances).
Turquoise will continue to be regulated by the FSA as an MTF under MiFID.
London Stock Exchange Group plc (‘the Group’) announced today it has completed its acquisition of MillenniumIT. The transaction will provide the Group with a new, high performance trading platform and an agile, efficient, in-house IT development capability and give MillenniumIT the backing it needs to enable it to develop further its global exchange technology business.
To mark the completion, Xavier Rolet, Chief Executive of London Stock Exchange Group is visiting MillenniumIT’s Corporate Headquarters and Software Development campus in Colombo. As part of his trip, Xavier will meet with local dignitaries and senior representatives of leading Sri Lankan companies.
Commenting on the completion, Xavier Rolet said:
“MillenniumIT will transform our in-house IT development capabilities by giving us proprietary ownership of our technology, allowing us to be more responsive to our clients’ needs, delivering enhancements and innovations more quickly, and at lower cost.
“This deal, made on the basis of MillenniumIT’s track record, business model and the growth potential it offers the Group, is a tribute to Tony and his team of technology experts. I am delighted to be here in Sri Lanka today to personally welcome them to the Group”.
Tony Weeresinghe, CEO of MillenniumIT, said:
“MillenniumIT looks set for an exciting future as part of the Group. We intend to leverage the Group’s strong global franchise to further develop our global exchange technology sales business, continuing to support our existing customers, as well as expanding the company into other markets and investing for the future.”
The Group will begin migrating clients to MillenniumIT’s trading system, replacing TradElect, Infolect, and other interfaces. The new platform will allow the Group to enrich its functionality and reduce IT development and operational costs, resulting in estimated annual savings of at least £10 million from FY2011-12.
Millennium
IT to provide VeriSign® SSL Certificates to support the
growing needs of Sri Lanka’s online businesses
September
25, 2009
- VeriSign, Inc. (NASDAQ: VRSN), the trusted provider of Internet
infrastructure services for the networked world, today announced its reseller
partnership with Sri Lanka’s premier technology solutions provider, Millennium
Information Technologies Ltd (MillenniumIT), to provide businesses in Sri Lanka
with comprehensive and secure e-commerce solutions. Under the terms of the
agreement, MillenniumIT will provide customers across Sri Lanka with VeriSign®
Secure Sockets Layer (SSL) Certificates to help protect e-commerce interactions
online.
The
partnership makes MillenniumIT the first authorised Sri Lankan reseller partner
of VeriSignSSL Certificates. The partnership will also significantly
reduce the cost of purchasing SSL Certificates for businesses in Sri Lanka. The
accessibility of VeriSignSSL Certificates directly within the country
will also make it easier for Sri Lankan companies to provide the highest
standard of online security for their local and foreign clientele.
"With
the growing Internet penetration in Sri Lanka, there is a growing need for a
secure Web environment where users can feel assured their online transactions
are safe,” said Dr. Shekhar Kirani, Country Manager, VeriSign India. “The
partnership with MillenniumIT will help establish this higher degree of trust
by providing a safer online experience. We are pleased to join hands with a
reseller partner who shares our security vision and has the capability to
deliver effectively to the market.”
VeriSign
recently achieved the milestone of issuing more than 4 million SSL Certificates
to businesses globally. The company has deployed more than 12,000 EV SSL
Certificates, making VeriSign the market leader with a 74 percent share of the
EV SSL market. And every day, VeriSign conducts up to 1 billion Online
Certificate Status Protocol (OCSP) checks – the most timely and efficient way
for Web browsers to determine whether an SSL or user certificate is still valid
or has been revoked and a key indicator of secure sessions initiated using
VeriSign SSL Certificates.
“Online
security and the need for protection of confidential data is imperative for
businesses that thrive in the online medium,” said Rahal Jayawardene, Head of
Security Business at Millennium Information Technologies Ltd. By offering
market leading VeriSign technology at an affordable price to Sri Lanka, we will
have the opportunity to establish practices that offer the safest possible
experience to Web users.”
VeriSign's
SSL Certificates complement MillenniumIT’s technology solutions services,
particularly, its focus on IT architecture. The Information Security division
of MillenniumIT is a dedicated technology unit specializing in all aspects of
Information Security, especially for the financial and telecom sector.
“The strength of the VeriSign brand complemented by
our strong presence in Sri Lanka’s IT industry will help to drive awareness
about online security and the application of SSL encryption for online
businesses across the country,” added Mr. Jayawardene.
Millennium IT announced today that it has completed the requirements necessary to offer Cisco WebEx collaboration solutions. The Cisco WebEx Authorized Program allows qualified Cisco partners to extend their collaboration offerings with the addition of on-demand solutions.
Cisco WebEx solutions bring people and information together to speed the decision-making process and to accelerate innovation. The applications are delivered as software as a service (SaaS), helping to enable greater business productivity and faster responses to market changes while taking advantage of the Cisco WebEx Collaboration Cloud to provide highly secure, reliable, high-quality collaborative experiences.
“WebEx has revolutionised how businesses are conducted today! Organisations can collaborate with remote teams, organise live events and train teams virtually without having to travel. WebEx is a great fit for organizations of all sizes and across verticals,” said Mr Faiq Faaiz, Executive Vice President, MillenniumIT.
"Cisco WebEx solutions, a key component of Cisco's collaboration portfolio, changes the entire realm of communications and collaboration,” said Chris Jones, director of the Cisco Collaboration Software Group. “As a Cisco WebEx Authorised Partner, Millennium IT has made an investment to offer customers solutions that connect entire business ecosystems, drive costs out of existing business processes, and lead them on the path of business transformation.”
MillenniumIT, an existing reseller of Cisco networking products will now sell WebEx suite of solutions. With a proven track record of promoting its customers’ success and of using the transformative nature of collaboration solutions, MillenniumIT is in a position to make recommendations on high-impact Cisco WebEx solutions.
Brings broad range of IT development expertise within the Group, increasing its ability to innovate
Provides Group with new, high performance trading platform
Creates new revenue stream for Group; will provide MillenniumIT with backing to develop its business further
Generates at least £10 million per annum of transaction-related cost savings from FY2011-12
London Stock Exchange Group plc (‘the Group’) has today agreed to acquire MillenniumIT, a Sri Lankan-based technology services company serving the capital markets industry.
MillenniumIT’s high performance technology will provide the Group with a highly scalable and very low latency in-house developed trading system with multi-asset class functionality and quicker time to market. In addition, the transaction will give MillenniumIT the backing of the Group to enable it to develop further its global exchange technology business.
MillenniumIT will retain its culture of innovation and creativity, build on its commercial operations and continue serving its existing clients, with its CEO, Tony Weeresinghe, reporting directly to Xavier Rolet.
Xavier Rolet, Chief Executive of London Stock Exchange Group, said:
“Improving our technology and increasing our competitive position in the fast-moving trading environment is vital. This transaction enables the Group to implement a new, more agile, innovative and efficient IT capability for our future business development as well as running a new cash trading platform which will provide substantially lower latency, significantly higher capacity and improved scalability.
“It will also offer cost saving opportunities in the future and give the Group a footprint in Asia. Moreover, MillenniumIT is a proven business, already serving multiple clients in multiple geographies, including some of the best known in their fields. The potential from this transaction is considerable for both parties.”
Tony Weeresinghe, CEO of MillenniumIT, said: “This transaction with London Stock Exchange Group is a tribute to the innovative culture of our company, the quality of our technology solutions and our deep pool of talented staff. The Group’s backing gives us the resources to continue supporting our existing customers, expanding the company into other markets and investing for the future.”
David Lester, Director of Information and Technology, London Stock Exchange Group, said: “MillenniumIT are a leader in developing low cost high performance trading platforms and financial markets software. Going forward, they will be the Group’s in-house software development team, gradually replacing our current suppliers and bringing intellectual know how and properties fully within the company. We are excited that by the end of 2010 their proven trading platform will provide our clients with sub-millisecond trading latencies, giving the Group a very fast, multi-product, cost efficient scalable trading platform. The transition will be carefully managed, with further enhancements to TradElect planned in the interim.”
The Group will begin migrating clients to MillenniumIT’s trading system from the end of 2010, replacing TradElect, Infolect, and other interfaces. The new platform will allow the Group to enrich its functionality, in particular for Italian clients, with the possibility of accommodating both trading after hours and stop loss orders.
IT development and operational costs for the Group will be reduced, resulting in estimated annual cost savings of at least £10 million from FY2011-12.
Depreciation of investment in the current TradElect trading platform will be accelerated as a result of the transaction, and further planned upgrades that take place in the interim will be taken as operating expenses in the period they occur. In total, these are expected to represent non-recurring incremental costs of [£25 million in FY2010].
Under the terms of the Offer, the Group has offered to acquire 100 per cent of MillenniumIT’s shares for cash consideration with a share alternative. It is estimated that [73] per cent of the total deal consideration will be paid in cash, with the rest in new LSEG shares to be issued.
The Group has already received irrevocable undertakings representing [over 90 per cent] of the shares in MillenniumIT.
The transaction is expected to complete by mid October 2009, subject to satisfaction of all conditions to the Offer and receipt of all necessary clearances.
Millennium Information Technologies (MillenniumIT) unveiled a revolutionary new release of its trading platform this week. It possesses ultra fast order processing capabilities, making it the world's fastest trading platform. During the project, MillenniumIT collaborated with Intel Corporation to achieve a 130 micro second order latency using the Intel® Xeon® 5500 processors. These tests were conducted at Intel’s fasterLAB facility near London UK.
Today, Exchanges must cope with the rapid rise in volumes of high-frequency trading. In the US, trading volumes attributable to high-frequency trading have grown to 73% from 40% a year ago. This means that Exchanges having trading systems with the lowest latency - the time between when an order is received, processed and an acknowledgement sent - will retain and grow market share.
Traditional approaches to trading system design cannot deliver the required extreme low latency and high volumes at commercially viable cost points. MillenniumIT’s unique rule-based event processing pipeline enabled the system to be deployed and run on inexpensive volume-produced two socket servers, far surpassing the performance of traditional trading systems.
"We registered a 130 micro second order latency in the first benchmark run, and expect this figure to drop by another 40 micro seconds when the final platform specific tuning is done” said Ajit Samaranayake, Chief Scientist at MillenniumIT. The latency measurements were conducted using a day’s orders and trading rules from a tier 1 stock exchange.
Nigel Woodward, Global Director Financial Services at Intel, comments “, Working to optimize latency performance in the venue space is a natural extension of our lab-based work to date around sell-side functions,” Woodward said “Our engineers worked closely to ensure that the features of the processor could be utilized by Millennium software . The results coming out of this iterative activity prove the importance of this technical collaboration where we have worked with the highly threaded code across multi-core processors to achieve both latency and throughput. We are excited by the prospect of working with Millennium to take this area of the trade life cycle market to a new point in price performance – contributing to the paradigm shift in the technology strategies that have been deployed in this area to date.”
The ability to process 1 million orders/second using volume produced Intel 2 socket Nehalem servers in a full fault tolerant configuration is now a commercial reality at a very affordable price point.
“Low Latency trading systems with latencies in the microseconds will soon become a commodity”, says Tony Weeresinghe the CEO of MillenniumIT. The key to success of exchanges in the future are not only faster trading but also having the flexibility to respond to market demand with new order types and products. This, together with a lower operational cost base will help exchanges to stay ahead of their competition. “This is where MillenniumIT differentiates itself. We achieved this low latency with a software-only solution, without hardware acceleration” says Weeresinghe.
With its patented BID tool which facilitates rapid changes to business rules, exchanges can adapt swiftly to changing market conditions. “The goal is to get the latencies under 100 micro seconds” stated Weeresinghe. He also mentioned that Intel and MillenniumIT will keep this low-latency facility available to any exchange or high frequency trading house to perform their benchmarks.
Mr Faiq Faaiz, Executive Vice President of MillenniumIT,with the CEO/Chairman of Cisco Systems, Mr John Chambers, during an exclusiveExecutive Exchange session at the ‘CiscoPartner Summit 2009 in Boston.
This year too, Sri Lanka’s MillenniumITparticipated in the prestigious Cisco Partner Summit organised by Cisco Systems, the global leader in networking equipment and network management for the Internet.
The Cisco Partner Summit2009 was held in Boston, USAfrom June 2 – 4. The Summit provided an opportunity to interact with Cisco executives and otherCisco partners from all over the world.
The 2009 Summit was also a further step in the direction of enhancing cooperation between Cisco Systems and MillenniumIT. The Cisco Partner Summit 2009, allowed MillenniumIT to strengthen direct links with the global leader and to gain a stronger understanding of Cisco’s latest products and services.
“Participation in the Summit shows our commitment to a long term relationshipwith Cisco Systems and our commitment to deliver the highest standard of services to Cisco clients in Sri Lanka. The Summit also provided a better understanding on how to deliver the latest Cisco products and services in Sri Lanka and on aligning ourselves with the Cisco product road map,” said Faiq Faaiz, Executive Vice President of MillenniumIT.
Earlier this year MillenniumIT archived Cisco’s Advanced Unified Communications (UC) certification, Advanced Data Center Networking Infrastructure (DC) specialization and Cisco’s Advanced Security certification, making MillenniumIT a fully fledged Cisco Systems partner. The Advanced UC, DC and the Advanced Security, certifications are programmes by Cisco Systems that shows a partners investment in gaining the necessary expertise in selling, designing, installing and supporting Cisco’s integrated advanced technology solutions.
MillenniumIT is the only Sri Lankan company to obtain the Cisco Advanced UC, DC and Advanced Security certifications. MillenniumIT also retains a team of over 30 dedicated Cisco certified engineers and maintains routing, switching and unified communications labs in Sri Lanka, making it possible to provide an unparalleled standard of service to Cisco clients in Sri Lanka.
MillenniumIT, a leading system integration company became the first partner in Sri Lanka to obtain both the Cisco® Advanced Unified Communications (UC) and Cisco Advanced Security Certifications recently. The Advanced UC and the Advanced Security Certifications are programs by Cisco, the global leader in networking equipment and network management for the Internet, to acknowledge the partner’s investment in gaining the necessary expertise in selling, designing, installing, and supporting integrated Advanced Technology Solutions, resulting in a better customer experience.
The Cisco Advanced Unified Communications specialization is designed to help channel partners meet a wide range of customer needs—from small to medium- sized businesses all the way up to enterprise-scale organizations—and focuses on IP Communications market opportunities that require advanced product knowledge and the ability to deploy solutions over multiple sites and geographies.
The Cisco Advanced Security Specialization recognizes channel partners for their knowledge and expertise in selling, designing, installing, and supporting comprehensive, integrated network security solutions. The focus of the specialization is on developing sales, technical, and services capabilities that distinguish channel partners by providing integrated, collaborative, and adaptive security solutions
With a team of over 30 dedicated Cisco certified engineers and with Routing and Switching and Unified Communications labs locally, MillenniumIT boasts of probably the best skill set and resources available locally for Cisco technologies.
"Getting the Advanced Unified Communications and Advance Security Certifications is proof of MillenniumIT's long term commitment to its customer base both locally and overseas to build high class skills to support their networking deployments. It also demonstrates that even in testing conditions we will continue to invest to build good sound resources to support our clientele, so that they will always have good local support at any given time." says Gladwyn Georgesz, Head of Networking Business for MillenniumIT.
“MillenniumIT being a Cisco Premier Certified Partner in Sri Lanka has demonstrated their commitment to customers in Sri Lanka and abroad. With this achievement, MillenniumIT will expand their capabilities by bringing these Advanced Technologies to the market place. This will help their customers to increase productivity and lower communication costs whilst at the same time, offering a new customer experience.” Says Rajkumar Natarajan, Vice President – Sales (Sri Lanka region), Cisco India & SAARC.
Sri Lanka securities surveillance system to be built by MillenniumIT
Feb 06, 2009 (LBO)
Sri Lanka has selected Millennium Information Technologies
(MillenniumIT) to develop a sophisticated market surveillance system
for the island's stock exchange, a top official said.
"We have selected MillenniumIT to design and implement the
surveillance system," Channa de Silva, director general of the
Securities and Exchange Commission told LBO.
"We are currently waiting for final approval from the Treasury, which
should come within two to three weeks. After Treasury approval is
granted the system should be up and running within three to six
months.”
The Colombo Stock Exchange (CSE) uses MillenniumIT software for equity trading.
The system will be designed on similar lines to the surveillance system
used by the Indian market regulator, de Silva said.
"In these troubled times investors want properly regulated markets that
are safe to make their investments," said de Silva.
"Higher returns are secondary concerns, integrity is very important for
investors these days."
The Colombo Stock Exchange (CSE) was automated in 1991.
In 1997 MillenniumIT, now based in Boston, USA, developed the first
event-driven trading system for the CSE. This included the central
depository system which does away the need for paper based trading.
February 02nd
2009 – MillenniumIT was awarded the contract for implementing the
technology platform for the Indiabulls Financial Services (IBFSL)
commodity exchange. The exchange, which has now been christened the
International Multi-Commodity Exchange (IMX), has six partners
promoting India’s fourth national commodity bourse and will primarily
engage in commodity derivatives trading.
The exchange has as
its largest shareholder IBFSL, one of the largest brokerages in India
and a part of Indiabulls Group, a highly diversified listed blue-chip
company and MMTC Limited, the largest commodity/metal trading importer
and exporter in India. IMX have now started operationalising the
multi-commodities exchange and one of the first steps in this process
was the appointment of MillenniumIT to set up and implement the
technology platform for IMX.
A spokesman for MillenniumIT
said the company will implement a fully integrated end-to-end solution
for IMX. “We used our unique selling points of flexibility of the
system to adapt to changes in business requirements, superior
performance as well as an entire portfolio of products to present an
end to end solution. This gave us the edge over some leading
international and Indian vendors to win the contract. We also have an
in depth comprehension of the Indian market and hence the ability to
cater to all regulatory and business needs.” The MillenniumIT platform
will include trading, risk management and market surveillance systems,
trader front ends, CCP (Central Counterparty Clearing and Settlement)
and collateral and delivery management.
An official statement
released by Indiabulls says, "The exchange is expected to go live in
the first quarter of the next financial year, subject to regulatory
approvals.”
Initially, the commodity exchange was billed as a
joint venture between IBFSL and MMTC sharing equity of 74% and 26%
respectively. However, revised government guidelines proposed single
shareholder limits to not exceed 40% of the equity, forcing IBFSL to
search for other partners. Trading company India Potash Limited is
among the six partners. The turnover in the commodity market surged 28%
in the last year paving the way for new players to enter the fray.
For more information please contact Shameema Akberally of MillenniumIT on 0777789777
NEW DELHI: Indiabulls Financial Services today said its commodity
exchange in partnership with MMTC will go live in the first quarter of
next financial year.
"The
exchange is expected to go live in the first quarter of next financial
year, subject to regulatory approvals," Indiabulls said in a statement.
The exchange,
christened as International Multi-Commodity Exchange (IMX), would also
have Indian Potash Ltd and a small trading firm among the total of six
partners, promoting the country's fourth national commodity bourse.
IBFSL
and MMTC have started the process of operationalising the Multi
Commodities Exchange and appointed a US-based firm for setting up its
technology platform.
The
US-based exchange services provider Millennium Information Technology
(MIT) has been awarded the contract for implementing the technology
platform for the aforesaid exchange, the statement added.
Initially,
the commodity exchange was proposed to be a joint venture between
Indiabulls and MMTC sharing the equity stake of 74 per cent and 26 per
cent, respectively.
However,
the revised government guidelines announced on May 14 last year did not
allow single shareholder to hold more than 40 per cent equity of the
exchange forcing Indiabulls to look for partners for diluting the
stake.
The
turnover in the commodity market has surged 28 per cent over the
year-ago period to Rs 50,33,857 crore, paving way for many new players
to enter the fray.
Meanwhile,
IBFSL joint venture with Sogecap, the insurance arm of Societe Generale
(SocGen) for its life insurance venture, would soon kick start the JV
entity as the company expects to finish the licensing process by fourth
quarter of FY'09.
The Education Services division of MillenniumESP will be taking part in the EDEX 2009 - National Higher Education & Careers Expo, which will be held on the 23rd, 24th and 25th of January 2009 at the BMICH, Colombo.
During
this 3 day Expo, MillenniumESP hopes to promote its Sun Certified
Solaris training amongst interested individuals and organizations. All
students who register at the stall for any Sun training course will be
entitled to a one time special discount of 10%.
Visit us at Stall 29, Hall A, BMICH
For more information please contact Menuka on 2416582 or Sanjeeva on 2416520
Nation’s
Trust Bank won the coveted MillenniumIT FSI Challenge Trophy beating
Hatton National Bank despite a spirited batting partnership between
HNB’s Captain Anush Perera and Shane Fernando. The cricket tournament
was held at the MillenniumIT campus grounds in Malabe last week.
NTB’s
Manoj Gayan and Thivanka Dabare put on a fine partnership to clinch the
trophy after coming into the finals. Manoj Gayan was awarded the "Best
Player of the tournament" trophy.
This
year, ten financial services institutions took part in the second
consecutive FSI Challenge tournament organised by MillenniumIT together
with SUN Microsystems. Mr Duhan de Zilwa, Business Head of SUN
Microsystems, said that this tournament was the ideal opportunity for
them to promote camaraderie with their customers. “We have taken our
business to the playing field as sport is an ideal occasion to foster
friendships,” he added.
The
other contenders at this 8-a-side tournament were, Sampath Bank,
People's Bank, PABC Bank, Colombo Stock Exchange, Seylan Bank, DFCC
Bank, Hatton National Bank, NDB Bank, Nation's Trust Bank and the
National Savings Bank.
Last
year’s tournament saw five banks participate and MillenniumIT was
defeated by People's Bank who carried away the MillenniumIT FSI
Challenge Trophy.
About SUN Microsystems
Sun
Microsystems Inc., a leader in the communications industry, offers the
broadest family of carrier-grade rack and blade servers and network
computing infrastructure solutions that include computer systems,
software, storage, and services. Its core brands include the Java
technology platform, the Solaris operating system, StorageTek and the
UltraSPARC processor. Solaris is the most widely deployed carrier-grade
OS in the market
About MillenniumESP
MillenniumESP
is a trusted IT architecture company and an industry-leading enterprise
and telecom solutions provider. MillenniumESP is an independent
business of MillenniumIT, the premier applications solutions provider
serving the financial and telecom industries the world over. The
Company’s automated trading system, Millennium Exchange, currently
powers several stock exchanges and depositories in the United States,
Europe, Africa and the Asia-Pacific region. For more information,
please visit www.millenniumit.com.
