Sri Lanka’s MillenniumIT said this week it has been selected by the London Metal Exchange (LME) as the solution provider for the new LME SMART (System for Matching and Registering Trades) matching system.

With the deployment of LME SMART, exchange Members will be able to save a part of their clearing fees.
Further, MillenniumIT’s rule-based matching technology used in LME SMART will make it easy for the LME to deploy new services and make rapid changes to existing service configurations at minimal cost, thereby meeting the future needs of its members, the Sri Lankan firm said.

“The Exchange is pleased to appoint MillenniumIT as the solution provider for LME SMART. They have demonstrated to us their success of working in global capital markets and have already acquired an in-depth understanding of the specifics of our market. We look forward to developing a world class matching system with them for the LME,” said Michael Warren, Chief Technology Officer of the LME.

LME SMART will provide services related to matching and registering trades with easy access to contract reference data, and an interface into clearing. “I’m sure that our partnership with the LME will be of great benefit to both our organisations”, said Tony Weerasinghe, Chief Executive Officer of MillenniumIT.