London Stock Exchange Delays Data Centre Migration
London Stock Exchange Group is delaying the data centre migration for Millennium trading, TRADEcho and new modularised Group Ticker Plant (GTP) environments.
The exchange said in a service announcement: “LSEG is committed to a safe and secure transition to the new data centre for the benefit of our markets and customers. Although we have made good progress in testing and readiness, we have taken the decision to move the go-live implementation date to 18 February 2023 (previously 15 October 2022) to ensure full customer readiness and a seamless migration.”
At the end of 2020 the group said that it would move trading and market data systems from its existing primary data centre in the City of London to a new purpose-built data centre near Docklands, London. LSEG said the new data centre provides the opportunity for the exchange to improve its own efficiency by moving internal systems into the cloud and for more efficient power consumption, which is entirely from green energy sources.
In its interim results this year LSEG said that 2022 run-rate cost synergy target delivered in the first half was on track to deliver more than £400m in savings by the end of 2025 and had completed more than 80% of its real estate optimisation and more than 60% of data centre rationalisation.
The table below outlines the new implementation schedule:
FIA EPTA, which represents Europe’s independent market making firms, said:
Mark Spanbroek, chair of FIA EPTA, tweeted: “Was is not Euronext who had to move their data centre quicker because of this? Huge extra costs on the Euronext move and now even more costs. Why this delay and will the exchange refund the extra costs to its members?”
Euronext has reported that it completed the migration of its core data centre from Basildon, UK to the Aruba Global Cloud Data Centre in Bergamo, Italy on 6 June 2022.
“This key milestone has been completed on schedule in just 14 months, following the announcement of this strategic decision in April 2021 in the context of the Borsa Italiana Group acquisition,” added Euronext.
The strategic decision was made in response to multiple factors including Brexit, and a strong rationale for relocating Euronext’s core European trading activities in the European Union. The new data centre is also powered by renewable energy.
“This move allows Euronext to fully control and directly manage its core IT infrastructure, as well as a key service to clients, colocation, which was previously outsourced. It also allows the generation of colocation revenues, embedded in the upgraded synergies,” said Euronext.
The migration also paves the way for the migration of the Borsa Italiana equity and derivatives markets onto the Euronext Optiq trading platform.
Stéphane Boujnah, chief executive of Euronext, said in a statement : “It is the first major achievement within Euronext’s Growth for Impact 2024 strategic plan, paving the way for the migration of the Italian cash equities and derivatives markets to the Euronext Optiq® trading technology as soon as 2023. This migration triggered the first business synergies related to the Borsa Italiana Group integration.”