Hong Kong Exchanges and Clearing (HKEx) has announced that it will use MillenniumIT's technology for its Orion Gateway project.
MillenniumIT, owned by the London Stock Exchange Group, will provide HKEx with its Millennium SOR platform to support the project. Orion Gateway aims to replace the bourse's existing distributed gateway technology in its cash market with a centralized platform, in order to reduce latency and increase process efficiencies. The software is expected to go live in the third quarter of 2013.
"The HKEx Orion Central Gateway is a further step in our aim to provide a more efficient trading infrastructure for our trading community, and to boost competitiveness for the overall Hong Kong market," says Julian Ragless, senior vice president of platform development at HKEx. "In evaluating service providers, we applied a stringent set of requirements in terms of performance and functionality. We selected the Millennium SOR based on its capability to handle a high level of order throughput with microsecond levels of latency and high availability."
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