The Nasdaq OMX Group, Inc (Nasdaq:NDAQ) and the Egyptian Exchange (EGX) have entered an agreement to extend the current contract for EGX till January 2020 to tap Nasdaq OMX's X-stream trading technology, the most widely deployed exchange technology in the world.
Under the terms of the agreement, NASDAQ OMX will continue to support the EGX trading platform, powered by NASDAQ OMX's X-stream trading technology, which it has been live since 2008. In addition to being a technology customer since 1999, EGX has also been a strategic partner of NASDAQ OMX via the Egypt for Information Dissemination (EGID) since 2006.
"We are pleased with the successful, lasting relationship with NASDAQ OMX who has consistently supported our growth and sustainability as an important marketplace in our region," said Dr. Mohammed Omran, Executive Chairman of EGX. "As we continue to evolve our business as the center point of Egypt's financial economy, we want the finest technology and resources available for our market participants. Working with NASDAQ OMX meets this demand head on."
"NASDAQ OMX is proud to continue the renewed trust and engagement in our successful cooperation with EGX over the many years," Lars Ottersgard, Senior Vice President and Head of Market Technology. "EGX operates in one of the most dynamic, ever-changing regions of the world and is a crucial element to its financial and economic success to investors domestic and foreign alike. We look forward to continuing this relationship with them."