Singapore Exchange Selects MillenniumIT for Post-Trade Tech

SGX will use Millennium PostTrade as a technology basis for clearing, settlement, risk and central depository activities. The deployment marks the first global roll-out of the PostTrade system for MillenniumIT.

"It is a very exciting region and one that MillenniumIT is looking to continue to expand into, so this is clearly a huge win," says Mack Gill, CEO at MillenniumIT. "More generally I think it represents the global market requirement for increasing sophistication of post trade technology as a whole, driven both by regulatory change and the need for enhanced risk management, post-crisis. Post-trade is an area that is of increasing focus for financial services in every region. There are a lot of legacy systems out there in this space but people realize they need to act now to modernize to be able to respond to these regulatory and market demands."

Gill declines to comment on the specific requirements that SGX asked for, outside of what was made public in press releases, or on the implementation period, although he says that any roll out will be "efficiently" conducted.

Different Regions, Different Rules
Asia-Pacific, as a general term for the region, is notoriously fragmented when it comes to market sophistication and regulation. In Singapore, particularly, stringent rules exist on the movement of data, while other nations in the geographical area have particular rules about confidentiality and market practice. Despite how idiosyncratic these countries can be when it comes to system requirements, however, Gill claims the way in which MillenniumIT's technology is constructued gives it an edge.

"This technology is based on MillenniumIT's own patented ‘BID' technology, which gives customers heightened flexibility allowing for the rapid rollout of regulatory and market-driven changes," he says. "MillenniumIT technology is designed to be versatile and flexible so that we can tailor each roll out to ensure that it meets the needs of the company and country in which it is operating."

More generally I think it represents the global market requirement for increasing sophistication of post trade technology as a whole, driven both by regulatory change and the need for enhanced risk management, post-crisis.

Looking ahead, Gill says that Asia-Pacific continues to be an area of focus for the company, along with Europe and North America.