London Stock Exchange tech to power Hong Kong crypto market
Hong Kong-based fintech ATOM is to use technology created by the London Stock Exchange Group as the framework for its new AAX digital asset exchange.
The adoption of LSEG Technology’s Millennium Exchange platform for AAX represents an innovative move to embed institutional performance and best practice into the emerging digital asset marketplace, ATOM said.
AAX is set to launch in the first half of 2019 and is the first digital asset exchange or cryptocurrency platform, to be built on LSEG Technology’s Millennium Exchange matching engine.
The London exchange’s technology also provides technology services to London Stock Exchange and other global venues such as HKEX and SGX.
London technology seen as 'best in class'
“We are delighted to have been selected by ATOM to provide a best-in-class technology solution to help power its new exchange’” said Ann Neidenbach, CIO, LSEG Technology.
“It underlines Millennium Exchange’s reputation for performance, scalability, flexibility and reliability and we look forward to working with the AAX team ahead of the launch in H1 2019,” .
ATOM said that it decided to opt for such a proven institutional grade technology because of the growing momentum around market regulation and the need for greater market transparency.
“The digital asset marketplace faces a critical need for more industry best practice in order to build greater investor confidence,” said Peter Lin, CEO of ATOM Group.
“AAX will leverage LSEG Technology’s platform and expertise to deliver a world-class exchange that provides fair, trusted and secure digital asset trading for all.”