Nasdaq and Borse Dubai Sign Landmark Market Technology Deal

Borse Dubai will overhaul trading and post-trade technology of Dubai Financial Market, paving the way for various market enhancements including CCP clearing

DUBAI, United Arab Emirates and STOCKHOLM, Sweden, Feb. 21, 2017 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (Nasdaq:NDAQ) and Borse Dubai today announced a new landmark agreement to bolster the technological infrastructure of Dubai's stock exchanges,  Dubai Financial Market (DFM) and Nasdaq Dubai, and further improve post-trade practices. DFM has been a Nasdaq Market Technology client since its inception in 2000.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/4a728bde-2fac-41b9- ...

Under the agreement with Borse Dubai, the parent company of DFM, Nasdaq will deliver a new INET-powered, multi-asset trading technology engine (Nasdaq Matching Engine), a state-of-the-art cash equities clearing module (Nasdaq Packaged Clearing) and enable an in-memory-vetting model on the central securities depository (CSD) solution, which will increase performance, speed and resiliency, all under the new Nasdaq Financial Framework architecture. This infrastructure renovation is expected to be completed by early 2019 and will pave the way for various enhancements in DFM, including central counterparty (CCP) clearing.

"Since its inception, Borse Dubai has always been committed to employ the most advanced technologies of financial markets, which positioned DFM at the forefront of the regional exchanges and further strengthened Dubai's leading position as an international capital markets hub," said His Excellency Essa Kazim, Chairman, Borse Dubai. "We are delighted to collaborate with Nasdaq to implement this comprehensive system overhaul that will provide our market participants with a cutting-edge infrastructure and enables us to introduce numerous financial instruments and products through an efficient and highly advanced platform."

The technology overhaul will support Borse Dubai's growth focus, including enhancing its post-trade services, boost efforts to attract domestic and international capital, and run cutting-edge technology based on international standards and best practices under local environment. This move also positively impacts Nasdaq Dubai, as most of the trading and post-trading functionalities of Nasdaq Dubai are executed through   the common technology platform that it shares with DFM.