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."