The Nasdaq OMX Group (Nasdaq:NDAQ) today announced that it has signed an agreement with the Kuwait Stock Exchange (KSE) to provide trading technology and strategic advisory services to its exchange.
As part of a joint venture to develop the Kuwait capital market, NASDAQ OMX will deliver technology for trading, surveillance and market data to KSE. KSE marks NASDAQ OMX's eleventh technology customer in the Middle East region.
Under the agreement signed today in Kuwait City, NASDAQ OMX has committed to provide strategic advisory services to the KSE management team, with the objective to support the exchange's compliance with international standards and its contribution to development of the national capital market. A critical part of this initiative is the implementation of a new electronic trading platform at KSE. The trading platform will be used for equities, bonds and derivatives. Roll out of initial product classes is scheduled for the first half of 2011.
Lars Ottersgard, Senior Vice President NASDAQ OMX Market Technology said, "We look forward to partnering with KSE to support development of its financial market, and, as part of this, deliver a state-of-the-art system that will put them at the technology forefront among Middle East exchanges. Kuwait is a key financial center in the Middle East region and we are confident that our collaboration with KSE will act to further attract investor awareness both to the exchange and Kuwait's financial market as a whole."
A spokesman for Kuwait Stock Exchange said, "NASDAQ OMX's experience and track record in implementing systems around and the world and particularly in this region, together with their ability to contribute to our development, led us to select them to work with us. KSE intends to use the new IT systems to introduce new products and services in the future. We also intend, with NASDAQ OMX's help, to implement best practices and to ensure compliance with relevant international standards. We look forward to enjoying a long and mutually rewarding partnership with NASDAQ OMX."
Since January 2009 NASDAQ OMX has a regional office in Dubai driving new business endeavours and supporting existing customers in the Middle East, Africa and South Asia region.