NEW YORK and HONG KONG, Nov. 6, 2013 (GLOBE NEWSWIRE) -- Hong Kong Exchanges and Clearing Limited (HKEx) announced the successful launch of NASDAQ OMX's (Nasdaq:NDAQ) trading and clearing exchange technology platform, Genium INET, for HKEx's derivatives market. The launch, which occurred in mid-October, was a full month-and-a-half ahead of the original planned roll-out schedule.
"A key factor in making our launch successful was the ability to establish a true partnership with NASDAQ OMX," said Bill Chow, Chief Technology Officer, HKEx. "The new project methodology with early joint testing proved to be highly effective and an important element in the delivery approach, resulting in high quality and close collaboration between the delivery teams. This ultimately contributed to shortening the time to market. We are very proud of this launch."
The system upgrade multiplied the clearing and trading capacity, equipped the Hong Kong Futures Automatic Trading System (HKATS) with ultra-low-latency trade processing capability and improved Derivatives Clearing and Settlement System's (DCASS) clearing processing by shortening batch running times. Additionally, new central gateways for exchange and clearing participants were introduced to reduce the hardware footprint and network bandwidth requirements at participants' premises. The new platform also offers new functionalities such as Tailor-Made Combination (TMC) orders, a new trading function for investors to execute option strategies with multiple legs at one net price, with auto-matching capability."We are very proud of this significant launch and delivery in both the major technology improvements to HKEx derivatives market systems and developing true teamwork between the two organizations leveraging our new Genium project methodology," said Lars Ottersgård, Senior Vice President, Market Technology, NASDAQ OMX. "HKEx is one of the largest and most advanced financial markets in the world and growing. HKEx, its participants and investors will enjoy a significant performance and capacity boost from our Genium INET technology, and it has been a true pleasure supporting HKEx's technology initiatives."