The Nasdaq OMX Group and the Egyptian Exchange (EGX) have announced the successful launch of EGX's new trading system.

The trading engine from Nasdaq OMX replaces EGX's previous system, also from Nasdaq OMX, and is designed to create a more efficient marketplace and trading experience for EGX members, said a Nasdaq OMX official.

The recent system launch received immediate positive acknowledgement from participating members and the investing public.

EGX's new system is built to provide a much larger capacity, reduced cost and ease of operation through a fully integrated trading platform, capable of handling equities, debt, ETFs, futures, options, swaps and derivatives on a single platform.

The system also allows the introduction of the market maker system, together with the possibility of having a pre-opening 'price discovery' session to help curb share price volatility.

'We are very pleased to have successfully launched a new system that will act as a catalyst for a more efficient, reliable and thus attractive market,' said Maged Shawky, chairman of EGX.

'Nasdaq OMX has an unrivalled track record when it comes to exchange technology and we look forward to reaping the rewards of a high-end system that we are confident will help us grow volumes and liquidity at the exchange as well as support the new products that we plan to introduce in the coming years, maintaining EGX's prominence in the region,' he noted.

'The system launch marks an important milestone for EGX, and proves their commitment to be at the forefront of exchanges in the Middle East and African region,' said Lars Ottersgard, senior vice president Market Technology at Nasdaq OMX.

'It will enhance transaction speed and capacity and allow EGX to quickly and easily introduce new products and instruments.'

'EGX now has the technological foundation to drive change and be a financial hub in the region,' said Magnus Bocker, president at Nasdaq OMX.

'By offering low-latency and capacity advantages to its customers, EGX is in a prime position to further develop the Egyptian securities market as well as respond to the growing international investor interest,' he added.-TradeArabia News Service