Scandinavian trading technology vendor OMX has won a contract to develop and deliver a new electronic trading infrastructure to the Saudi Stock Market Tadawul, the largest stock market in the Middle East. Financial terms of the deal were not disclosed.
OMX has agreed a deal with the Capital Market Authority (CMA) of the Kingdom of Saudi Arabia to design and implement an electronic trading platform for the Saudi Stock Market Tadawul.
Under the deal OMX will provide platforms for trading and market data dissemination and will also integrate a central securities depository system supplied by Tata Consultancy Services. OMX will also provide the Saudi exchange with a market surveillance system supplied by Australian vendor Smarts.
Abdul Rahman Al-Tuwaijeri, chairman and CEO of the CPA, which runs the bourse, says this agreement is part of a strategy to upgrade the technical infrastructure of the Saudi capital markets.
"The new generation systems will provide the technology to support the current and future requirements for the market," he says.
Al-Tuweijri was apponited head of the CPA on 14 May to replace Jammaz al-Suhaimi who was sacked following the collapse of the Saudi stock market earlier this month.
OMX's contract with Saudi Stock Market Tadawul follows news earlier this week that the vendor had won a deal to supply an electronic dealing system to UAE stock exchange operator Dubai Financial Market (DFM).