NASDAQ OMX and the Egyptian Exchange Extend Technology Agreement
STOCKHOLM, SWEDEN--(Korea Newswire) May 4, 2012 -- The NASDAQ OMX Group, Inc (Nasdaq:NDAQ) and the Egyptian Exchange (EGX) have entered an agreement that extends their relationship for a further five years. Under the terms of the agreement, NASDAQ OMX will continue to support the EGX trading platform, powered by NASDAQ OMX technology, which started operating in November of 2008.
Dr. Mohammed Omran, The Chairman of EGX and Professor of Finance at the Arab Academy for Science and Technology, said: “Our partnership with NASDAQ OMX goes back many years and as the Egyptian market continues to stabilize we look forward to leveraging the strong functionality and latency benefits of their technology. In times of unprecedented national economic turmoil, NASDAQ OMX consistently provided excellent support to ensure that our trading platform efficiently handled the extreme volatility, thus contributing to the recovery of our financial market.”
Lars Ottersgard, Senior Vice President, NASDAQ OMX Market Technology, commented: “EGX's commitment to our trading technology is proof of their dedication to leverage best-of-breed technology in order to drive and grow its business. A well functioning stock market is a catalyst for efficient financial markets and with a world class trading system in place EGX can continue its plans to expand their offering and prominence in the region.”
EGX‘s trading platform is based on NASDAQ OMX’s proven X-stream technology which is deployed in 22 markets worldwide. X-stream is a multi-asset system that complies with international standards and is capable of handling equities, commodities, debt, ETFs, futures, options, swaps and derivatives on a single platform.
About NASDAQ OMX
The inventor and transformer of the electronic exchange, The NASDAQ OMX Group, Inc., fuels economies with revolutionary technologies for the entire lifecycle of a trade - from risk management to trade to surveillance to clearing. In the US and Europe, we own and operate 24 markets, 3 clearinghouses and 6 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-80 microsecond speeds with 99.999% uptime, our technology drives more than 70 exchanges 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 3,400 listed companies worth $5.1 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. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius.
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)
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‘s 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.
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