The Saudi Stock Exchange (Tadawul) achieved a major milestone on Saturday, October 20, with the launch of a new high capacity electronic trading platform provided by OMX. The launch was highly successful and received immediate acknowledgement from participating members, the investing public and the press.
The Saudi Stock Exchange (Tadawul) operates one of the largest stock markets in the world and is the single largest stock market in the Middle East region. OMX is the primary system integrator for the design, implementation and infrastructure of the new solution. The delivery includes new system platforms for trading and market data dissemination. This delivery is the first of a series of deliveries that include market surveillance and central securities depository solution.
"We congratulate the Saudi Stock Exchange Tadawul on the successful launch of the new trading system. The launch is further proof of OMX's strong position in the Middle East. Tadawul is already one of the world's largest exchanges and we look forward to be part of its continued development", said Magnus Böcker, CEO of OMX.
Abdullah AlSuweilmy, General Manager of Tadawul, "The new infrastructure will expand the capabilities of the exchange and open new dimensions for further growth in the Saudi Market. This is a major milestone in the history of the market."
Tadawul has experienced phenomenal growth over the past years both in terms of number of trades and number of listed companies. The new trading solution is designed to support the current and future requirements for the market. Tadawul was recently incorporated as a joint stock company in accordance with the Capital Market Law. As of 20 October, 2007, there were 107 companies listed withmarket capitalization of SR 1.37 trillion (U$ 366.3 billion).