Scandinavian trading technology vendor OMX has won a contract to develop and implement a new electronic system for Egypt's Cairo & Alexandria Stock Exchanges (Case).
Under the agreement OMX will provide implementation, customisation and on-going support of Case's new trading system.
Maged Shawky, chairman of Case, says: "We needed a technological overhaul because of our rapid growth, combined with what we expect to be dramatic changes in the Egyptian securities industry in the next few years."
Magnus Böcker, president and CEO, OMX, says the Case deal "is an opportunity to strengthen our position in the Middle East and Africa".
OMX signed letter of intent with the Egyptian stock exchange operator in January last year to set up the JV that would sell, develop and support IT systems for the financial markets in the Middle East and Africa.