The London Metal Exchange (LME) in an official news release today reveals it’s working with Colt Technology Services to launch LMEnet, a dedicated network that will provide market participants a fast, reliable and secure connection to the Exchange’s electronic systems, including LME Clear.
LMEnet will be underpinned by Colt’s dedicated trading network service, PrizmNet (the only entirely dedicated infrastructure for the financial trading industry), and will support three tiers of connectivity options for LME users according to their performance and latency requirements. LMEnet also features Colt’s new service-management tool, which enables users to monitor latency and bandwidth use with significantly increased granularity.
“In partnership with Colt, we are delighted to be able to offer LME market participants enhanced performance and availability in their connectivity to the Exchange. By switching to LMEnet, the LME community will benefit from reduced latency, increased resilience and improved control over how they interact with our electronic systems,” said Robin Paine, Chief Technology Officer at the LME.
“We have invested a significant amount in technology over the past 12 months, with more than £30 million devoted to IT projects and systems development, excluding LME Clear.”
Colt is an established leader in delivering integrated network, data centre, voice and IT services. Its network links the trading cities of Europe and Asia, and connects Colt’s 20 carrier neutral data centres.
“We are proud to announce that the LME has chosen our trading infrastructure service PrizmNet to connect their global members to LMEnet,” said Rakesh Bhasin, CEO at Colt Technology Services. “Colt has delivered the infrastructure that underpins the capital markets sector for more than 20 years. LME’s choice of Colt’s PrizmNet service recognises our continued commitment to delivering innovative and trusted managed network services that enable access to the global markets.”
The LME expects to move users to the new system within nine months of Colt’s technology being deployed and tested, with migration slots available from October 2014.