London Stock Exchange Group to replace a host of legacy systems with Oracle Cloud

The London Stock Exchange Group (LSEG) has announced that it will unify its global finance operations on Oracle Cloud.

Until now, the LSEG’s finance operations relied on a host of legacy systems with the vendor’s applications. Now, however, the exchange operator plans to make a major change by switching to a new technology.

LSEG to move operations to Oracle

The London Stock Exchange Group has made a number of acquisitions with the intention of streamlining operations moving forward. By switching to Oracle, LSEG will replace as many as 17 legacy finance systems used until now.

The Group noted that the fact that Oracle Fusion Cloud and Oracle Financial Services Applications run on the same, unified platform will allow for greater efficiency moving forward. At the same time, LSEG will also be able to reduce costs and improve its financial planning, controls, and forecasting, among other benefits.

Last year, LSEG also entered a deal with Microsoft, agreeing to a 10-year contract for cloud, data analytics, and workspace products across its entire technology architecture. On its end, Microsoft acquired around 4% stake in the operator.

Commenting on the move to switch to Oracle, the group’s head of transformation and finance, Joanna Fielding, stated that with Oracle Cloud, LSEG will be in a position to better align its financial operations. This will lead to enhanced performance and an overall better use of data. She also predicts increased efficiency, streamlining billing, and more. At the same time, the service to customers will be even more outstanding than before.

Fielding added: “We are on a mission to drive sustainable growth for our customers and our entire business. To do that, we must embrace continuous innovation across our operations, including Finance.”

Benefits of switching to the Oracle Cloud

The LSEG announcement stated that the Oracle Fusion Cloud Enterprise Resource Planning (ERP) will enable LSEG to automate the financial process and streamline global procurement processes.

Meanwhile, the Oracle Fusion Cloud Enterprise Performance Management (EPM), part of Oracle Cloud ERP, will also enable LSEG to align financial and operational planning. Further, it will optimize forecasting and scenario planning and increase the speed and accuracy of reporting. LSEG will also be able to benefit in terms of billing, as its billing operations will be unified on a single platform.

Oracle’s executive VP, Cormac Watters, said “Global organizations are prioritizing efficiency and automation to maximize profitability across their revenue streams and better serve their customers. With Oracle Cloud, LSEG has an integrated business platform that will shape its future growth with scalable, sustainable financial efficiency, and insights that will help it serve its more than 45,000 customers globally.”