Soon-to-launch Canadian bourse picks MillenniumIT
View(s):a Canada’s Aequitas, a proposed challenger to the Toronto bourse, recently picked Sri Lanka-based, and London Stock Exchange Group-owned (LSEG), Millennium IT for its technology platform, according to a statement by the IT company.
Being set-up under the premise of fairness for small investors, by deterring so-called “predatory” practices such as high frequency trading through unattractive fees and speed bumps, Aequitas is backed by the Royal Bank of Canada, the UK’s Barclays and other Canadian and US financial companies. It is scheduled to launch in the first quarter of 2015.
Meanwhile, Millennium IT founder Tony Weerasinghe will be stepping down from his present position as Non Executive Chairman at the end of June 2014, according to a May 16 Bloomberg report, which in turn quoted a LSEG memo. It also added that he will be spending more time with his family, as well as “pursue his next entrepreneurial venture”.
Currently steered by Mack Gill, its Chief Executive since mid-2013, Millennium IT is one of the bigger players in the local IT space, valued at US$ 30 million when it was bought over in October 2009. The company, which has a Silicon Valley-style 16.5 acr campus in Malabe, as well as an additional office in Colombo 7, provides financial and telecom technology solutions, and is particularly known for its stock trading and clearing platforms used by over 30 international clients, which included its most recent deployment at the Singapore Exchange.
Additionally, its website noted that, in 2011, the IT company accounted for over 20 per cent of Sri Lanka’s software exports revenue. Also indicated, in that same year, the company recorded a 30 per cent revenue growth in its systems integration business, from 2009. At that point, the IT company featured a Sri Lankan workforce in excess of 600.
(JH)