The Indonesia Stock Exchange (IDX) has contracted with Sweden's OMX for the supply and implementation of a new trading platform.
OMX says its technology will modernise IDX's trading infrastructure and integrate systems used at Jakarta and Surabaya stock exchanges - which recently merged to form IDX - on a single platform
The new integrated platform will allow operation of all asset classes on a single platform, says OMX. IDX will be able to support trading of all its offered products, including equities, derivatives, mutual funds and bonds.
Erry Firmansyah, president director at IDX, says: "From the tender process, we appointed OMX as the technology partner, as OMX was able to deliver the three criteria we requested in the tender; technical aspect, implementation risk, and price."
The OMX system is scheduled to be operational at IDX by the end of 2008.
Commenting on the deal, Markus Gerdien, president, market technology, OMX, says: "The merger of two significant stock exchanges will create an increased demand in terms of trading efficiency, speed and volume, and we look forward to supporting IDX in meeting these challenges."
News of the deal comes just days after OMX reported a deal to supply a trading and clearing platform to the Bombay Stock Exchange (BSE).
In recent months OMX has won a number of contracts with exchanges around the world. Earlier this month the Swedish group reported a new deal with Agora-X, a new US marketplace for over-the-counter (OTC) commodity contracts. Towards the end of last year OMX also won deals with Tokyo Commodity Exchange, Singapore Commodity Exchange, Singapore Exchange, Bolsa de Valores de Colombia and DEX, a new derivatives exchange that is being launched in Canada.