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NEW YORK and ERBIL, Iraq, Nov. 13, 2013 (GLOBE NEWSWIRE) -- The
NASDAQ OMX Group (Nasdaq:NDAQ) and the Erbil Stock Exchange (ESX) have signed an agreement to power the ESX with NASDAQ OMX's X-stream trading technology to increase market participant involvement, in the region and internationally. X-stream will provide ESX with a solution to trade equities and debt instruments, and position ESX to move into other asset classes as its market expands.
"This is a historical moment that not only illustrates our strategic relationship with NASDAQ OMX, but also, by the creation of a modern stock exchange, will support a market-oriented economy and promote investment in the Kurdistan region," said Abdullah Ahmed Abdul Raheem, Chairman, ESX.
ESX's decision to adapt X-stream technology from NASDAQ OMX is the result of a comprehensive market analysis by the ESX Board and its advisor, the Louis Borger Group Inc. (LBG). The analysis supported ESX's belief that multiple markets must operate in a very similar manner, enabling investors to move seamlessly between the markets with their investment activity. The X-stream platform will provide ESX with proven access to international investors and will ensure that ESX will remain current with the most updated trading platform technologies and trends facilitating regional and global securities business. The new trading platform can also disseminate real-time market data and may be also used as an index calculation engine.
The new trading system will be implemented in a two-phased process: phase one is the actual delivery of X-stream, which includes the configuration, installation and testing of a customized X-stream version that meets ESX business requirements; the second phase will cover the ongoing support and maintenance of the system, for a period of five years, utilizing NASDAQ OMX's extensive global status as a market and technology leader, and its customer support network.