Nasdaq and Borse Dubai Sign Landmark Market Technology Deal
(Thomson Reuters ONE) -
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(at)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(at)nasdaq.com
Direct: +44 (0) 20 3753 2231
Mobile: +44 (0) 7809 596 390
NDAQG
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nasdaq via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 21.02.2017 - 10:30 Uhr
Sprache: Deutsch
News-ID 525312
Anzahl Zeichen: 6966
contact information:
Town:
New York
Kategorie:
Business News
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