It has just been announced that Borse Dubai and Nasdaq has lauched a new landmark agreement. This agreement is set to bolster the technological infrastructure of Dubai’s stock exchanges. Dubai Financial Market (DFM) and Nasdaq Dubai further expects to improve their post-trade practices. DFM has been a Nasdaq Market Technology client since its inception in 2000.
The agreement stated that the parent company of DFM, Nasdaq will deliver a new INET-powered, multi-asset trading technology engine called Nasdaq Matching Engine; a state-of-the-art cash equities clearing module or Nasdaq Packaged Clearing and enable an in-memory-vetting model on the central securities depository (CSD) solution; which will increase performance, speed and resilience, all under the new Nasdaq Financial Framework architecture. It is said that the infrastructure renovation is expected to be completed by early 2019 and is expected to pave the way for various enhancement in DFM including the central counterparty-CCP.
“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. 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 enable us to introduce numerous financial instruments and products through an efficient and highly advanced platform.” said Essa Kazim (Chairman, Borse Duba).