NEW YORK and BAHRAIN, July 9, 2013 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group (Nasdaq:NDAQ) has entered an agreement with Bahrain Bourse (BHB) to upgrade its current trading platform. Under the terms of the agreement, Bahrain will replace its existing NASDAQ OMX platform (Horizon) with one powered by the industry leading X-stream technology. Additionally, BHB has reconfirmed its commitment to NASDAQ OMX's post-trade solution. The upgrade is estimated to be rolled out by late 2014.
"Upgrading our trading platform is part of our implementation of BHB's strategy that aims to improving all aspects of the bourse's operations," said Fouad Rashid, Director of Bahrain Bourse. "Bahrain is dedicated to developing the capital markets sector in Bahrain, 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.
"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 endeavor," said Lars Ottersgard, Senior Vice President, Market Technology, NASDAQ OMX. "Our partnership will equip the bourse with one of the most powerful trading technologies in the world."
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. NASDAQ OMX has been working closely with Bahrain since 1999.
"We are excited to continue our long-term partnership with Bahrain Bourse throughout its development," said James Martin, Vice President and Regional Manager, Middle East and Africa, NASDAQ OMX. "Our commitment to working with the financial markets in the Gulf Cooperation Council echoes through the entire Middle East region as they continue to rapidly develop and raise their profile further with global and local audiences."
NASDAQ OMX's X-stream technology is currently used by over 25 exchanges globally.
About NASDAQ OMX:
The inventor of the electronic exchange, The NASDAQ OMX Group, Inc., fuels economies and provides transformative technologies for the entire lifecycle of a trade - from risk management to trade to surveillance to clearing. In the U.S. and Europe, we own and operate 26 markets, 3 clearinghouses and 5 central securities depositories supporting equities, options, fixed income, derivatives, commodities, futures and structured products. Able to process more than 1 million messages per second at sub-40 microsecond speeds with 99.99% uptime, our technology drives more than 70 marketplaces in 50 developed and emerging countries into the future, powering 1 in 10 of the world's securities transactions. Our award-winning data products and worldwide indexes are the benchmarks in the financial industry. Home to approximately 3,400 listed companies worth $6 trillion in market cap whose innovations shape our world, we give the ideas of tomorrow access to capital today. Welcome to where the world takes a big leap forward, daily. Welcome to the NASDAQ OMX Century. To learn more, visit www.nasdaqomx.com. Follow us on Facebook ( http://www.facebook.com/NASDAQ) and Twitter (http://www.twitter.com/nasdaqomx). (Symbol: NDAQ and member of S&P 500)
About Bahrain Bourse
The Bahrain Bourse (BHB) was established as a shareholding company in 2010 to replace Bahrain Stock Exchange that was established in 19987. Officially, organized trading in Bahraini stock market commenced in 1989, and it included financial instruments such as equities, fixed income instruments, and mutual funds. BHB is a self-regulated organization (SRO) Licensed by the Central Bank of Bahrain (CBB).
There are 47 companies listed on the exchange, two mutual funds, and nine bonds/Islamic Sukuk. The three indices tracking the market's performance are the Bahrain All Share Index, the Esterad Index (which consists of a basket of selected local-publicly listed companies), and the Dow Jones Bahrain Index.
Since its establishment, BHB has joined several regional and international organizations such as World Federation of Exchanges (WFE), Arab Federation of Exchanges, Federation of Euro-Asian Stock Exchanges "FEAS", Africa & Middle East Depositories Association "AMEDA", and Association of National Numbering Agencies "ANNA".
Foreigner investors are allowed to own up to 100% of shares of local listed companies. There are no taxes on investment in securities nor on capital gains generated from trading on shares.
For more information, please visit BHB website: www.bahrainbourse.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 X-stream and NASDAQ OMX's other 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 (212) 231-5541 (office) (646) 581-4286 (mobile) Ryan.Wells@NASDAQOMX.com Bahrain Bourse Media Contact: Ali Ahmed Almansoor +973 17 261260 ext. 822 (office) +973 17 108822 (direct) firstname.lastname@example.org
Source:The NASDAQ OMX Group, Inc.