Swedish technology group and exchange operator OMX has won a deal to provide a hosted trading system to Agora-X, a new US marketplace for over-the-counter (OTC) commodity contracts.
OMX will supply hardware, software and operations to support the Agora-X ECN, which is scheduled for launch in mid 2008.
The deal covers licensing, implementation and customisation as well as hosting, monitoring, maintenance and on-going support of the platform.
The new ECN is designed for a wide range of contract types, although it will initially target OTC option "look-a-likes" in specific energy and agricultural commodities, as well as all commodity swaps.
OMX says its technology will enable Agora-X to add new commodity types and meet regulatory changes. The platform is built with an open architecture application programming interface, which provides the flexibility to accommodate multiple front ends, says the vendor.
The OMX board recently recommended a $4.9 billion offer from Borse Dubai. After the purchase Borse Dubai plans to transfer ownership of OMX to Nasdaq in exchange for a stake in the US exchange.