Scandinavian trading technology vendor OMX has won a deal to supply an electronic dealing system to UAE stock exchange operator Dubai Financial Market (DFM).
Under the terms of the contract, OMX will supply and implement a new trading infrastructure for DFM, as well as providing customisation and support services.
Essa Kazim, director general, DFM, says the new trading platform is part of our overall strategy to continuously invest and enhance the exchange's IT infrastructure.
Kazim says the exchange currently handles 20,000 trades a day and expects trade volumes to grow exponentially in the near future.
"The new fully integrated trading platform will enable DFM to take the next big leap in modernising the stock market and improving its performance," adds Kazim.
Commenting on the deal, Magnus Böcker, president and CEO, OMX, says: "It is an opportunity to strengthen our position in the Middle East, which is highly interesting growth region for OMX."