MillenniumIT, a leading technology solutions provider and part of London Stock Exchange Group (LSEG), today announces that Millennium Surveillance™, the company’s trading surveillance software has gone live at the Egyptian Exchange (EGX), one of the oldest exchanges in the region.
This news follows the LSEG announcement of the successful launch of MillenniumIT systems at three exchanges: Johannesburg Stock Exchange, Mongolian Stock Exchange and Borsa Italiana, part of LSEG.
MillenniumIT, which has over a decade of experience in building technology solutions for the capital markets industry, have provided EGX with a Trading Surveillance System, built around an evolutionary architecture capable of adapting to the changing needs of the market. Millennium Surveillance™ will help EGX effectively maintain an orderly market in today’s fast paced, electronic trading environment. Millennium Surveillance™ will enable EGX to proactively, accurately and rapidly identify abusive behaviour and conduct further investigations to ensure a fair, efficient and transparent market for all participants.
Tony Weeresinghe, CEO of MillenniumIT and Director of Global Development at London Stock Exchange Group said:
"We are very pleased offer our services to the Egyptian Exchange to improve its surveillance and market monitoring functions. We believe our state-of-the-art system will not only help EGX better oversee its market through rapid detection of abnormal trading activity but also help support this detection by further investigation of these behavioral patterns."
Dr. Mohammed Omran, Executive Chairman of the Egyptian Exchange said:
"We are happy to announce that EGX is now live with Millennium Surveillance™, an international best practice surveillance system. We are very confident that our new system will allow EGX to fulfil our vision of providing a high quality market place through greater transparency. Equipped with technology that can meet the future demands of the market, we look forward to establishing ourselves as a highly equitable exchange which is committed to market integrity."