Sunday 17 November 2019
 
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Lee Miles

Muscat Securities Market runs exchange on Red Hat

MUSCAT, October 10, 2019

Red Hat, the world's leading provider of open source solutions, today announced that Muscat Securities Market (MSM) has selected Red Hat Hyperconverged Infrastructure as the foundation for its new stock exchange trading platform, Optiq. 
 
With integrated software-defined compute and storage from Red Hat in a compact footprint, Muscat Securities Market aims to gain flexibility, freedom from vendor lock-in and cost efficiencies, and      the ability to handle heavy workloads while meeting high performance requirements, a statement said.
 
Muscat Securities Market, founded in 1989, regulates and controls the Omani securities market. It facilitates the trading of securities issued by joint stock companies, as well as bonds issued by the government, commercial companies, investment fund units, and other domestic or foreign securities. To simplify and optimise its operations, MSM decided to integrate its multiple trading applications into one unified technology architecture. To support this goal, it sought a flexible, reliable infrastructure platform that could support the high volumes and fast paced transactions required in the industry. 
 
MSM recognised the value of open source in providing interoperability and flexibility to make hardware choices that help with cost reduction and suit its workload needs. It also wanted to benefit from open innovation through open standards and open application programming interfaces (APIs), in balance with a need to meet security and stability requirements when storing and managing the country’s trade data, and so opted for enterprise open source software from Red Hat. 
 
MSM chose Red Hat Hyperconverged Infrastructure for Virtualization to provide co-located, scalable, software-defined compute and storage. Red Hat Hyperconverged Infrastructure for Virtualization is an integrated offering built with production-grade components including software-defined storage, virtualization, networking and automation on Red Hat Enterprise Linux.      
 
It is designed to simplify planning and procurement, streamline deployment and management, and provide a single lifecycle experience for virtual compute and virtual storage resources. Muscat Securities Market’s new Red Hat-based platform will help it to deploy and manage distributed infrastructures centrally, enabling its remote locations to benefit from high-performing systems without requiring extensive or highly specialized on-site support staff.
 
Muscat Securities Market is working with Red Hat Consulting to support the implementation, and      using Red Hat Learning Subscriptions to train its IT teams.     
 
Lee Miles, regional director, Red Hat, said: “Red Hat is pleased to offer a scalable, robust and cost-effective solution to underpin Muscat Securities Market’s new trading platform. Delivered via an open software subscription model and supported by a vast and diverse ecosystem of certified partners, Red Hat Hyperconverged Infrastructure allows organizations like MSM to avoid technology lock-in, and gain flexibility to scale across its choice of infrastructure now and in the future, including hybrid and multi-cloud. We look forward to supporting Muscat Securities Market with its infrastructure consolidation project.”
 
Mohsin Al-Lawati, director of systems and development department, Muscat Securities Market, said: “The stock market plays a crucial role in a country's economic and financial sector development, and at Muscat Securities Market we endeavor to provide investors with a high performance, reliable, secure investment environment. We see open source leading the way in technology innovation and accelerating digital transformation in the region - and globally. As we move ahead with our vision for a modern trading platform that can meet the needs of customers today and tomorrow, we looked for a partner that could provide stable, secure and supported open source software, and the experience and expertise to collaborate closely with us to design and build our new architecture. Red Hat is that partner.”  - TradeArabia News Service



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