This development is the latest 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.
“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,” said Rashed Al Baloushi, CEO ADX. “It is the culmination of a vast amount of work done by ADX and our partners at Nasdaq OMX to achieve a faultless upgrade.”
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 technologies provided and supported by Nasdaq OMX since 2000.
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 Ottersgard, senior vice president market technology Nasdaq OMX.