Egypt - MillenniumIT (UK), a leading technology solutions provider and part of the London Stock Exchange Group, and the Egyptian Exchange (EGX), on Wednesday announced that they have entered into a partnership agreement.
Under the agreement, MillenniumIT, which has over a decade of experience in building technology solutions for the capital markets, will provide EGX with a state-of-the-art Trading Surveillance System (TSS). Built around an evolutionary architecture, TSS will help the EGX effectively maintain an orderly market in today’s fast paced, electronic trading environment.
This software will enable the EGX to proactively, accurately and rapidly identify abusive behaviour and conduct further investigations to ensure a fair, efficient and transparent market for all participants.
Tony Weeresinghe, CEO of MillenniumIT, said, “We are very pleased to be partnering with the EGX, one of the oldest exchanges in the region and the world.
To effectively oversee its markets, the EGX must employ a surveillance system that is not only capable of rapidly recognizing abnormal trading patterns but is also able to support further investigation of such behaviour, while easily adapting to the changes taking place in the market – demands that Millennium Surveillance™ is perfectly suited to meet.’
Maged Shawky, Executive Chairman of the Egyptian Exchange, noted that, “Strongly committed to market integrity, we are pleased to partner with MilleniumIT, which will provide EGX with a proactive, international best practice surveillance system.
We are confident this system will be an important asset to EGX in fulfilling its vision of providing an equitable, transparent and high quality market place.”