Egyptian Exchange upgrades platform with Nasdaq OMX

Source: Egyptian Exchange

In its endeavor to keep abreast with technological advancements in order to be the premier market in the Middle East North African (MENA) Region that best serves its stakeholders, EGX has upgraded its trading platform to OMX high performance X-Stream solution, to be launched effective November 27, 2008, replacing the current trading system EFA Horizon.

The new trading system "X-Stream" is one of the Nasdaq OMX International Group's products, which has been operated in more than 15 countries all over the world, including China, Switzerland and Indonesia. X-stream is designed to support the increasing volume of trading on EGX as well as the simultaneous trading of multiple product classes including equities, debt, ETFs, futures and options in both an exchange traded and cash/OTC/derivatives environment.

From another perspective, the new trading system allows the introduction of the market makers system, together with the possibility of having a price discovery session to determine the opening prices. This new system is expected to enhance the Exchange's competitiveness by allowing the E-Trade.

Additionally, the Exchange provided an extensive training for more than 1000 trader to make sure that they will not face difficulties with the new trading system. In that respect, more than 30 mock sessions have been conducted to test the system efficiency and to get the members' feedback about the facilities the new trading system provides.

EGX will launch a number of new indices within a month from the implementation of the new trading system, to be released on the trading terminals on a real time basis by the beginning of 2009.

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