UAE. The NASDAQ OMX Group announced that it has entered an agreement with The Abu Dhabi Securities Exchange (ADX) to upgrade their trading platform.
Under the terms of the agreement ADX renews its contract with NASDAQ OMX for a further five years and commits to upgrade to a trading platform powered by NASDAQ OMX's X-stream technology.
The upgrade is expected to be rolled out at ADX in the second half of 2013.
The upgrade to X-stream technology will provide ADX with a proven, functionality rich, multi-asset trading platform that complies with international standards and policies. The platform will handle trading of equities, fixed income and ETFs with the possibility to introduce additional instruments. NASDAQ OMX has been delivering trading technology to ADX since the year 2000.
Rashed Al Baloushi, Director General ADX said: "NASDAQ OMX has consistently delivered reliable and high-performing trading technology to ADX for over a decade and now we look forward to taking the next step in our partnership. Our upgrade to NASDAQ OMX's X-stream technology will enable significant performance and functionality capabilities that create advantages for both regional and international investors."
Lars Ottersgard, Senior Vice President NASDAQ OMX Market Technology commented: "Since partnering with ADX they have achieved great results by recognizing and capitalizing on technology as a means to compete. Efficient trading technology continues to be a key success factor in order to grow liquidity and ADX's contract extension and selection of X-stream will put them in a prime position for continued growth."
James Martin, General Manager NASDAQ OMX Middle East & Africa said: "Exchanges in the Middle East have always been early adaptors of trading technology and NASDAQ OMX is fortunate to have a strong customer-base in this exciting region. Our recent successes in the Middle East and Africa region are a testament to our ability to deliver cutting edge technology and we look forward to supporting ADX in their upcoming market development."
About NASDAQ OMX
The inventor and transformer of the electronic exchange, The NASDAQ OMX Group, Inc., fuels economies with revolutionary technologies for the entire lifecycle of a trade - from risk management to trade to surveillance to clearing.
In the US and Europe, we own and operate 24 markets, 3 clearinghouses and 6 central securities depositories supporting equities, options, fixed income, derivatives, commodities, futures and structured products. Able to process more than 1 million messages per second at sub-80 microsecond speeds with 99.999% uptime, our technology drives more than 70 exchanges in 50 developed and emerging countries into the future, powering 1 in 10 of the world's securities transactions.
Our award-winning data products and worldwide indexes are the benchmarks in the financial industry. Home to 3,400 listed companies worth $5.1 trillion in market cap whose innovations shape our world, we give the ideas of tomorrow access to capital today. Welcome to where the world takes a big leap forward, daily. Welcome to the NASDAQ OMX Century. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius.
To learn more, visit www.nasdaqomx.com.