Nasdaq and Borse Dubai Sign Landmark Market Technology Deal
February 21 2017 - 04:30AM
Nasdaq, Inc. (Nasdaq:NDAQ) and Borse Dubai today
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 at
http://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 new Nasdaq Financial Framework architecture. 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
run cutting-edge technology based on
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: Atef
Fathy Vice President - Media & Public Relations
Dubai Financial Market Tel: 04-3055334 Email: afathy@dfm.ae
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/ambition or
business.nasdaq.com
For Media Inquiries: Ryan
Wells ryan.wells@nasdaq.com Direct: +44 (0) 20
3753 2231 Mobile: +44 (0) 7809 596 390
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