Under the terms of the contract, OMX will supply and implement a new trading system for cash and derivatives for the exchange, as well as provide customisation and support services.

The agreement follows a Memorandum of Understanding signed between the two parties in November 2006.

Roberto Motušić, MD of the Zagreb Stock Exchange, says: "The aim of the new trading platform is to remove technical obstacles for further market development and give us an opportunity to provide our customers with modern financial instruments and products."

Markus Gerdien, president of market technology, OMX, says the agreement is "an important step forward in our strategy to strengthen our position in Eastern Europe".