Nasdaq and Palestine Exchange Sign New Market Technology Agreement
The exchange's new trading engine will be running on the Nasdaq Financial Framework; continue operating SMARTS for market surveillance efforts
STOCKHOLM, Sweden and NABLUS, Palestine, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Nasdaq Inc. (Nasdaq:NDAQ) and Palestine Exchange (PEX) have signed a new market technology agreement for Nasdaq to deliver new matching engine technology via the Nasdaq Financial Framework architecture to Palestine's stock exchange. PEX, which will also continue to use Nasdaq's SMARTS surveillance technology for monitoring its market, will leverage the modular functionality of the Nasdaq Financial Framework to offer additional services to their members and clients. This new agreement marks the next chapter in a 10-year technology partnership between Nasdaq and PEX.
"We are delighted to extend our partnership with Nasdaq," said Ahmad Aweidah, CEO of PEX. "Obtaining best of breed technology is vital for our future in running a modern competent market that maintains the interest of its investors and protects their rights."
"By upgrading to new, next-generation trading technology operated by many of the largest exchanges in the Middle East and worldwide, PEX will bring the performance, scalability and resiliency to its customers and partners they demand," said James Martin, Regional Manager, EMEA, Market Technology, Nasdaq. "We look forward to partnering with PEX as they continue to transform their market and evolve as an important regional player in the Middle East."
Nasdaq's market infrastructure technologies, including trading, real-time risk, index, clearing, CSD and market surveillance systems are operated in more than 100 marketplaces, regulators, clearinghouses and central securities depositories across the Americas, Europe, Asia, Australia, Africa, the Middle East and the Caribbean.
Nasdaq (Nasdaq:NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $12 trillion. To learn more, visit: http://business.nasdaq.com
About Palestine Exchange
Established in 1995 as a private company aimed at promoting investment in Palestine and transformed in 2010 to become the second publicly traded Arab stock exchange and the only one to be entirely owned by the private sector.
The Palestine Exchange provides investors with a fair, transparent and fully automated trading venue. It attracts a wide range of regional and global investors including those among the Palestinian Diaspora. The PEX is financially sound and able to weather a volatile world as demonstrated by its performance relative to other MENA exchanges during the global financial crisis.
The Palestine Exchange is classed as "Frontier Market" by FTSE Russell and as a stand-alone country within both MSCI and S&P indices. The PEX maintains an international presence via membership in several key organizations. The PEX is a full member of the World Federation of Exchanges (WFE), the Federation of Arab Stock Exchanges, the Federation of Euro-Asian Stock Exchanges (FEAS), the Forum of Islamic Stock Exchanges, the Africa & Middle East Depositories Association (AMEDA), and the Association of National Numbering Agencies (ANNA).
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