Borse Dubai will overhaul trading and post-trade technology of
Dubai Financial Market, paving the way for various market
enhancements including CCP clearing
DUBAI, United Arab Emirates and
STOCKHOLM, Sweden, Feb. 21, 2017 (GLOBE NEWSWIRE) -- 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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