Nasdaq OMX and Egyptian Exchange extend technology agreement

Source: Nasdaq OMX

The Nasdaq OMX Group, Inc (Nasdaq:NDAQ) and the Egyptian Exchange (EGX) have entered an agreement that extends their relationship for a further five years.

Under the terms of the agreement, NASDAQ OMX will continue to support the EGX trading platform, powered by NASDAQ OMX technology, which started operating in November of 2008.

Dr. Mohammed Omran, The Chairman of EGX and Professor of Finance at the Arab Academy for Science and Technology, said: "Our partnership with NASDAQ OMX goes back many years and as the Egyptian market continues to stabilize we look forward to leveraging the strong functionality and latency benefits of their technology. In times of unprecedented national economic turmoil, NASDAQ OMX consistently provided excellent support to ensure that our trading platform efficiently handled the extreme volatility, thus contributing to the recovery of our financial market."

Lars Ottersgard, Senior Vice President, NASDAQ OMX Market Technology, commented: "EGX's commitment to our trading technology is proof of their dedication to leverage best-of-breed technology in order to drive and grow its business. A well functioning stock market is a catalyst for efficient financial markets and with a world class trading system in place EGX can continue its plans to expand their offering and prominence in the region."

EGX's trading platform is based on NASDAQ OMX's proven X-stream technology which is deployed in 22 markets worldwide. X-stream is a multi-asset system that complies with international standards and is capable of handling equities, commodities, debt, ETFs, futures, options, swaps and derivatives on a single platform. 

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