Euronext, a wholly owned subsidiary of IntercontinentalExchange Group (NYSE: ICE), today announced that it has successfully signed agreements with four exchanges in the Middle East and North Africa (MENA) region for the implementation of its new UTP solution, UTP-Hybrid.
The four exchanges, the Amman Stock Exchange, the Beirut Stock Exchange, Bourse des valeurs Mobilieres de Tunis and the Muscat Securities Market, all long-standing and valued clients of Euronext, will benefit from customization, project delivery and ten years of support. The project will include the replacement of the NSC® trading platform, support for which will be discontinued from a commercial perspective in 2015.
The MENA region has an increasingly sophisticated financial markets industry with exchanges looking for a cost-effective, high performance platform to support growth in equities or entry into new asset classes. UTP is a multi-asset class, multi-currency trading platform providing complex functions for low-latency markets. It is the core technology that Euronext uses to operate its single order book model throughout Europe. This agreement provides these four exchanges with the benefits of Euronext's investment in UTP packaged into a low risk, high-performance solution with a long term support commitment. In this way, UTP-Hybrid meets the cost-effectiveness needs of smaller exchanges while still offering the liquidity generating functions needed for their future growth in equity and derivative markets.
Dominique Cerutti, Chief Executive Officer of Euronext, said, "This is an important development for Euronext and demonstrates our commitment to a strategic relationship with these four exchanges. Using technology to bring MENA markets closer together helps promote the region and generate growth in its local economies. We look forward to working with our clients on business and technology initiatives that will build closer ties with European investors and help develop markets in the MENA region."