Bahrain Bourse in Nasdaq platform upgrade deal
Manama, July 10, 2013
Bahrain Bourse (BHB) has entered into an agreement with Nasdaq OMX Group to upgrade its current trading platform, said a report.
Under the terms of the agreement, BHB will replace its existing Nasdaq OMX platform, Horizon, with one powered by the industry leading X-stream technology, reported the Gulf Daily News, our sister publication.
The upgrade to X-stream Trading will provide BHB with a widely deployed high-end, multi-asset trading platform that complies with international standards.
The migration to X-stream Trading is a step in BHB's ambition to become a Gulf region hub, able to host and facilitate other regional markets.
Additionally, BHB has reconfirmed its commitment to Nasdaq OMX's post-trade solution.
The upgrade is expected to be rolled out by late 2014.
"Upgrading the trading platform is part of our strategy that aims at improving all aspects of the bourse's operations," said Bahrain Bourse director Fouad Rashid.
"BHB is dedicated to developing the capital markets sector, boosting regional investment and continuing our partnership with Nasdaq OMX through upgrading to its X-stream technology.
"We are very optimistic about our future growth, and building our regional and international footprint," Rashid added.
Nasdaq OMX senior vice-president for market technology Lars OttersgŒrd said: "As Bahrain Bourse strives to increase investor involvement in the Gulf region and international landscape, we look forward to supporting them in this long-term endeavour."
"Our partnership will equip the bourse with one of the most powerful trading technologies in the world," he added.
Nasdaq OMX has been working closely with the BHB since 1999.
"We are excited to continue our long-term partnership with BHB throughout its development," said Nasdaq OMX vice-president and regional manager for Middle East and Africa James Martin.
"Our commitment to working with the financial markets in the GCC echoes through the entire Middle East region as they continue to rapidly develop and raise their profile further with global and local audiences," he added.
Nasdaq OMX's X-stream technology is currently used by over 25 exchanges globally.-TradeArabia News Service