NEW YORK and ABU DHABI, April 23, 2014 (GLOBE NEWSWIRE) -- Abu Dhabi Securities Exchange (ADX) and NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), today announced that ADX has gone live with X-stream Trading technology. The upgrade, started in 2012, provides ADX with the world's most widely deployed, internationally compliant, multi-asset trading platform. This milestone is a step in ADX's ambition to introduce new asset classes, support its market expansion and maintain a leading position in the exchange industry in the region. The agreement also extends the existing management contract with NASDAQ OMX for a further five years.
"This is a proud moment for us," said Rashed Al Baloushi, CEO of ADX. "Making X-stream Trading available for our investors, brokers and other stakeholders takes us to a completely new operational level and prepares the way for the next stage of our development. This go-live launch is the culmination of a vast amount of work done by ADX and our partners at NASDAQ OMX to achieve a faultless upgrade. This is not just about the adoption of world class technology – it is about the aspirations of ADX to be a world class window for investors into the opportunities that Abu Dhabi offers."
The new trading platform will improve ADX's trading performance and transparency, and ensure low latency pre-trade risk management checks, allow faster back office reconciliation of transactions and give ADX the ability to handle an unlimited number of indices. In addition, ADX will continue to leverage the existing suite of market surveillance and central security depository (CSD) technologies provided and supported by NASDAQ OMX since 2000, the year of ADX's inception. ADX is also the first exchange in the region to go-live with the in memory vetting model of X-stream Trading.
"This upgrade marks an important milestone in NASDAQ OMX's nearly 15-year relationship with ADX," said Lars Ottersgård, Senior Vice President, Market Technology, NASDAQ OMX. "ADX's deployment of our X-stream Trading technology underscores their confidence in the technology, as they plan for the next successful stage of their development. It is an honor to support ADX, which is at the center of their regional marketplace."
About Abu Dhabi Securities Exchange
The Abu Dhabi Securities Exchange (ADX) was established by Local Law No. (3) Of the year 2000, the provisions of which make the Exchange a legal entity with autonomous status, independent finance and management. The law also provides the ADX with the necessary supervisory and executive powers to exercise its functions. ADX began operations on November 15th 2000.
ADX has 67 listed securities. Those securities include 65 public joint stock companies, 1 Exchange Traded Fund (ETF) and 1 convertible bond. The ADX had a total market capitalization of AED 449 billion (USD 122 billion) as at the end of 2013. The Exchange has signed a number of agreements with major financial institutions to provide custody services, including the National Bank of Abu Dhabi (NBAD), HSBC, Standard Chartered, Deutsche Bank, and Citi.
In 2013, the stock exchanges of the U.A.E Markets were upgraded to 'Emerging Market' status by both MSCI index (Morgan Stanley Capital International) and S&P Dow Jones, thus greatly increasing the likelihood of inward global investment flows.
In alignment with the Abu Dhabi Government's Economic Vision 2030, ADX aspires to become the leading stock exchange in the region by leading the development of the UAE capital market through a well-regulated marketplace in a lawful environment that ensures integrity, transparency and disclosure.
About NASDAQ OMX
NASDAQ OMX (Nasdaq:NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents. Through its diverse portfolio of solutions, NASDAQ OMX enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 80 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. NASDAQ OMX is home to more than 3,200 listed companies with a market value of over $8 trillion and more than 10,000 corporate clients. To learn more, visit www.nasdaqomx.com.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about NASDAQ OMX, and its products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to factors detailed in NASDAQ OMX's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
CONTACT: NASDAQ OMX Media Contact: Ryan Wells firstname.lastname@example.org +1 (212) 231-5541 (office) +1 (646) 581-4286 (mobile) Abu Dhabi Securities Exchange Media Contact: Abdul Rahman Saleh Al Khateeb email@example.com +9712-6128774 (office) +97150-6689733 (mobile)
Source:The NASDAQ OMX Group, Inc.