Kuwait bourse seals tech partnership with NASDAQ OMX

KUWAIT MARKET: Bourse agrees new tech partnership deal with NASDAQ (Getty Images)

New York’s NASDAQ OMX Group on Monday said it has signed an agreement with the Kuwait Stock Exchange (KSE) to provide trading technology and strategic advisory services to its exchange.

As part of a joint venture to develop the Kuwait capital market, NASDAQ OMX will deliver technology for trading, surveillance and market data to KSE.

KSE marks the world’s largest exchange company’s eleventh technology customer in the Middle East region.

Under the agreement signed in Kuwait City, NASDAQ OMX has committed to provide strategic advisory services to the KSE management team, with the objective to support the exchange's compliance with international standards and its contribution to development of the national capital market.

A critical part of this initiative is the implementation of a new electronic trading platform at KSE. The trading platform will be used for equities, bonds and derivatives. Roll out of initial product classes is scheduled for the first half of 2011.

A spokesman for Kuwait Stock Exchange said, "NASDAQ OMX's experience and track record in implementing systems around and the world and particularly in this region, together with their ability to contribute to our development, led us to select them to work with us.

‘’KSE intends to use the new IT systems to introduce new products and services in the future. We also intend, with NASDAQ OMX's help, to implement best practices and to ensure compliance with relevant international standards. We look forward to enjoying a long and mutually rewarding partnership with NASDAQ OMX."

Since January 2009 NASDAQ OMX has had a regional office in Dubai driving new business endeavours and supporting existing customers in the Middle East, Africa and South Asia region.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM