PEX, which will also continue to use Nasdaq's SMARTS surveillance technology for monitoring its market, will leverage the modular functionality of the Nasdaq Financial Framework to offer additional services to their members and clients. This new agreement marks the next chapter in a 10-year technology partnership between Nasdaq and PEX.

"We are delighted to extend our partnership with Nasdaq," said Ahmad Aweidah, CEO of PEX. "Obtaining best of breed technology is vital for our future in running a modern competent market that maintains the interest of its investors and protects their rights."

"By upgrading to new, next-generation trading technology operated by many of the largest exchanges in the Middle East and worldwide, PEX will bring the performance, scalability and resiliency to its customers and partners they demand," said James Martin, Regional Manager, EMEA, Market Technology, Nasdaq. "We look forward to partnering with PEX as they continue to transform their market and evolve as an important regional player in the Middle East."