The Nasdaq OMX Group, Inc (NASDAQ:NDAQ) announces that it has entered an agreement with The Abu Dhabi Securities Exchange (ADX) to upgrade their trading platform.
Under the terms of the agreement ADX renews its contract with NASDAQ OMX for a further five years and commits to upgrade to a trading platform powered by NASDAQ OMX's X-stream technology. The upgrade is expected to be rolled out at ADX in the second half of 2013.
The upgrade to X-stream technology will provide ADX with a proven, functionality rich, multi-asset trading platform that complies with international standards and policies. The platform will handle trading of equities, fixed income and ETFs with the possibility to introduce additional instruments. NASDAQ OMX has been delivering trading technology to ADX since the year 2000.
Rashed Al Baloushi, Director General ADX said: "NASDAQ OMX has consistently delivered reliable and high-performing trading technology to ADX for over a decade and now we look forward to taking the next step in our partnership. Our upgrade to NASDAQ OMX's X-stream technology will enable significant performance and functionality capabilities that create advantages for both regional and international investors."
Lars Ottersgård, Senior Vice President NASDAQ OMX Market Technology commented: "Since partnering with ADX they have achieved great results by recognizing and capitalizing on technology as a means to compete. Efficient trading technology continues to be a key success factor in order to grow liquidity and ADX's contract extension and selection of X-stream will put them in a prime position for continued growth."
James Martin, General Manager NASDAQ OMX Middle East & Africa said: "Exchanges in the Middle East have always been early adaptors of trading technology and NASDAQ OMX is fortunate to have a strong customer-base in this exciting region. Our recent successes in the Middle East and Africa region are a testament to our