Nasdaq and Borse Dubai Sign Landmark Market Technology Deal
DUBAI, United Arab Emirates and STOCKHOLM, Sweden, 2017-02-21 10:30 CET (GLOBE NEWSWIRE) --
Nasdaq, Inc.(Nasdaq:NDAQ) andBorse Dubaitoday announced a new landmark agreement to bolster the technological infrastructure of Dubai’s stock exchanges, Dubai Financial Market (DFM) and Nasdaq Dubai, and further improve post-trade practices. DFM has been a Nasdaq Market Technology client since its inception in 2000.
A photo accompanying this announcement is available athttp://www.globenewswire.com/NewsRoom/AttachmentNg/4a728bde-2fac-41b9-a613-0fa77c6c3f18
Under the agreement with Borse Dubai, the parent company of DFM, Nasdaq will deliver a new INET-powered, multi-asset trading technology engine (Nasdaq Matching Engine), a state-of-the-art cash equities clearing module (Nasdaq Packaged Clearing) and enable an in-memory-vetting model on the central securities depository (CSD) solution, which will increase performance, speed and resiliency, all under the newNasdaq Financial Frameworkarchitecture. This infrastructure renovation is expected to be completed by early 2019 and will pave the way for various enhancements in DFM, including central counterparty (CCP) clearing.
“Since its inception, Borse Dubai has always been committed to employ the most advanced technologies of financial markets, which positioned DFM at the forefront of the regional exchanges and further strengthened Dubai’s leading position as an international capital markets hub,” said His Excellency Essa Kazim, Chairman, Borse Dubai. “We are delighted to collaborate with Nasdaq to implement this comprehensive system overhaul that will provide our market participants with a cutting-edge infrastructure and enables us to introduce numerous financial instruments and products through an efficient and highly advanced platform.”
The technology overhaul will support Borse Dubai’s growth focus, including enhancing its post-trade services, boost efforts to attract domestic and international capital, and runcutting-edgetechnologybasedon international standards and best practices under local environment. This move also positively impacts Nasdaq Dubai, as most of the trading and post-trading functionalities of Nasdaq Dubai are executed through the common technology platform that it shares with DFM.
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “Nasdaq’s technology infrastructure has played a key role in enabling the success of Nasdaq Dubai so far, including our equities and equity futures markets and CCP activities. We look forward to further expanding our product offerings, markets and other services backed by Nasdaq’s efficient and effective technology enhancements.”
“We are honored to support Borse Dubai as they move to strengthen their market infrastructure with next generation trading and post-trade technology,” said James Martin, Regional Manager, EMEA, Market Technology, Nasdaq. “As Dubai continues to strengthen itself as a major international financial center, it requires transforming how its markets operate and perform to meet and exceed international standards under local market conditions, especially in the area of risk management and clearing. This new technology vision by Borse Dubai will give a clear signal to the world’s capital markets that Dubai is dedicated to take their markets to the next level.”
“DFM is committed to investing in its infrastructure as part of its drive to provide innovative services to various market participants,” said Hassan Al Serkal, Chief Operating Officer and Head of Operations Division, DFM. “Empowering DFM with cutting-edge technologies massively strengthens its competitiveness in terms of speed, capacity, flexibility and expandability of the trading engine as well as achieving the highest levels of efficiency for post-trade services. We look forward to accomplishing this significant technology overhaul in cooperation with Nasdaq, the long standing technology partner of DFM, in order to ensure market infrastructure’s full readiness for a new era of sustainable growth and further fortify DFM’s position as the market of choice for issuers and investors in the region.”
Nasdaq’s exchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in over 85 marketplaces across the Americas, Europe, Asia, Australia, Africa, the Middle East and the Caribbean.
About Borse Dubai:Borse Dubai is the holding company for Dubai Financial Market (DFM) and Nasdaq Dubai. Borse Dubai was created 6 August 2007 to consolidate the Government of Dubai’s two stock exchanges as well as current investments in other exchanges, expanding Dubai’s position as a global capital market hub.
For Media Inquiries:
Vice President - Media & Public Relations
Dubai Financial Market
About Nasdaq:Nasdaq (Nasdaq:NDAQ) is a leading provider of trading, clearing, exchange technology, listing, information and public company services across six continents. 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 85 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,700 listed companies with a market value of $10.0 trillion and approximately 18,000 corporate clients. To learn more, visit:nasdaq.com/ambitionorbusiness.nasdaq.com
For Media Inquiries:
Direct: +44 (0) 20 3753 2231
Mobile: +44 (0) 7809 596 390
Borse Dubai will overhaul trading and post-trade technology of Dubai Financial Market, paving the way for various market enhancements including CCP clearing
Information om Nasdaq OMX
Følg pressemeddelelser fra Nasdaq OMX
Skrive dig op her og du vil løbende modtage pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Nasdaq OMX
SEMAFO Inc.23.11.2017 22:03 | pressemeddelelse
SEMAFO Mourns Passing of Board Chairman Jean Lamarre
Bermuda Business Development Agency (BDA)23.11.2017 21:41 | pressemeddelelse
Premier to join industry leaders at BDA London forum
Crown Bioscience Inc.23.11.2017 14:01 | pressemeddelelse
Crown Bioscience and Data Sciences International (DSI) Partner to Advance Metabolic Disease Research Using an Implanted Telemetry Device for Long-Term Blood Glucose Monitoring
Bermuda Business Development Agency (BDA)23.11.2017 06:26 | pressemeddelelse
BDA partners with government to attract cryptocurrency
VistaJet Ltd22.11.2017 11:40 | pressemeddelelse
VistaJet Partners With Christie's for the Global Tour of The Collection of Peggy and David Rockefeller
Nasdaq22.11.2017 10:03 | pressemeddelelse
Nasdaq to Deliver Blockchain e-Voting Solution to Strate
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum