Oslo Børs looks to upgrade to OMX's Genium platform

Oslo Børs looks to upgrade to OMX's Genium platform

Oslo Børs is holding talks with OMX about replacing its trading infrastructure with the vendor's new Genium platform.

Oslo Børs is currently contracted to use OMX's Click platform for derivatives and Saxess system for shares and bonds.

However the Saxess agreement runs out in 2010 and Oslo Børs says it has been looking into a replacement for the past few months.

The exchange says it plans to replace both the Click and Saxess systems with Genium Trading, subject to the successful negotiation of a final form of contract.

OMX - which bought a 10% stake in Oslo Børs in 2006 - says its Genium platform is set to be operational for the derivatives market in 2009, with cash and fixed income to follow.

Migrating to Genium will cost Oslo Børs between NKr40 million and NKr50 million. The annual cost of running the new system is expected to be in line with the current outlay for using Click and Saxess.

Yesterday Nasdaq completed its takeover of OMX following a complex deal where OMX was acquired by Borsa Dubai which then transferred ownership of the company to Nasdaq. In return Dubai got a stake in the combined Nasdaq OMX.

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