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LME signs deal on new trading surveillance software

LONDON (Reuters) - The London Stock Exchange's technology system supplier Millennium IT said on Monday it had signed an agreement to provide the London Metal Exchange (LME) with surveillance software which will allow it to analyze trading patterns.

With trading weak this year, top stock exchanges such as the LSE and NYSE Euronext have increasingly been looking to boost revenue with technology deals, part of a diversification drive which includes clearing and data services.

The LME, in the final stages of being bought by the Hong Kong Exchange, said the technology would help it better monitor its markets in real time.

"This will enhance our ability to detect and query real or apparent market abnormalities," Diarmuid O'Hegarty, LME Deputy Chief Executive, said in a statement.

"The flexibility of the surveillance platform will allow the LME to develop new alerts, to adapt to market changes and to manage volume growth."

The LSE bought Sri Lankan system supplier Millennium in 2009.

(Reporting by Kylie MacLellan; Editing by Helen Massy-Beresford)

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