The Nasdaq OMX Group (NASDAQ:NDAQ) and Osaka Securities Exchange Co., Ltd. (OSE) the premier Japanese derivatives and securities exchange, today signed a Memorandum of Understanding (MoU) with the intent to form a strategic partnership.
The partnership includes NASDAQ OMX's delivery of services to further develop OSE's market model, with the objective of growing volumes in both its cash and derivatives markets. Other potential areas of cooperation involve the exchange of market information, exchange of staff and dual-listing opportunities. The parties will also collaborate on defining technology requirements for OSE's next-generation trading platform for derivative products scheduled for launch in 2010.
"We look forward to cooperation with NASDAQ OMX, a premier global exchange offering a wide range of services, to provide opportunities benefiting not only Japanese investors but also global investors," said OSE President and CEO, Michio Yoneda. "This partnership can contribute to the development of the Japanese growth market, by leveraging NASDAQ OMX's experience in providing services to listed companies and market participants."
"We are honored and excited to form a partnership with one of the leading derivatives exchanges in the world," said Magnus Böcker, President at NASDAQ OMX. "We look forward to working closely with OSE in order to grow efficiency and liquidity at its exchange, and define mutually rewarding business opportunities. Moreover, this partnership provides us with a direct channel to the Japanese securities market, allowing us to expand our presence and reach in this important region."
The MoU signing ceremony took place in NASDAQ OMX's New York offices, with OSE's President and CEO, Mr. Michio Yoneda and NASDAQ OMX President Magnus Böcker participating. The signing ceremony was preceded by a NASDAQ opening bell ceremony performed by Mr. Michio Yoneda.