London Stock Exchange’s embedded IT company, Millennium, recently made an interesting announcement on their website about an agreement to “…provide LCH and other Post Trade clients with a highly-optimised, ‘zero-touch’ real-time framework, able to support all asset classes. ”
The announcement implies that LCH.Clearnet will replace all its current clearing systems with this new platform, which makes use of GPUs for high performance. People with a long memory will know that this isn’t the first time the same goal was announced, with the Generic Clearing System (GCS) project having the same aim, with an overall cost of €121m spent for a deliverable of nothing (as in no system completed at all). The important difference in this case, is that Millennium actually have real software in use at existing customers, whereas GCS was a moon-shot approach starting from nothing and attempted to create the worlds most complex clearing system from a standing start.
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