Nasdaq OMX is celebrating two significant contracts in the international derivatives markets, specifying the provision of a Central Clearing Counterparty in South Africa, and a trading engine for a new exchange in Columbia.
In South Africa, Nasdaq OMX has signed a deal with the Bond Exchange of South Africa, (Besa) regarding the provision of post trading administrative services and a CCP for a new derivatives market.
The agreements include the establishment of BondClear, a South African entity, which will provide clearing for the South African fixed income derivatives market. Subject to regulatory and other stakeholder approvals, BondClear will become operational during early 2009.
The clearing offering will be based on Nasdaq OMX's operational model for the OMX Nordic Exchange.
"The BondClear partnership reaffirms Nasdaq OMX's business model, where the combination of technology solutions, our home market operations and our global customer base creates a unique value offering for BondClear and the South African financial market," says Magnus Bocker, president of Nasdaq OMX.
Meanwhile in South America, Bolsa de Valores de Colombia (BVC) has opened a new market for derivatives, based on a trading engine provided by Nasdaq OMX. The new trading platform, which later this year will also encompass cash equities, is part of BVC's ongoing initiative to grow its position in the South American exchange market.
Juan Pablo Cordoba, president BVC, says: "Implementation of Nasdaq OMX's trading engine allows both retail and institutional investors to execute orders more securely and efficiently. In addition, the system provides scalability for future volume increases, as well as the flexibility to quickly introduce new products."