NEW YORK and RIYADH, Saudi Arabia, Sept. 25, 2013 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group (Nasdaq:NDAQ) and the Saudi Stock Exchange (Tadawul) have today entered into an agreement to upgrade Tadawul's current trading platform. As part of the agreement Tadawul will also continue to leverage the existing suite of market surveillance and CSD technologies that have been supported by NASDAQ OMX since 2006.
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As part of its long-term strategic plan, Tadawul will replace its existing NASDAQ OMX platform (SAXESS) with one powered by the industry leading X-Stream INET technology. Migration to the new platform is expected to commence in January 2014.
"The Saudi Stock Exchange is proud to engage in a new chapter in its relationship with NASDAQ OMX as we continue our efforts to build the necessary infrastructure to expand into new products and services," said Adel Al-Ghamdi, Chief Executive Officer, Tadawul, in his opening remarks at yesterday's signing ceremony held in Tadawul's headquarters in Riyadh. "Our investment in the X-stream INET trading platform, recognized as the most advanced securities trading technology in the world, is an investment in the future of our capital markets. Its capacity and low latency will provide our members, and their clients, with enhanced performance and speed."
"The platform's scalability across asset classes also enables our marketplace to grow and adapt as our business environment and requirements change," Al-Ghamdi added. "We are delighted to have NASDAQ OMX as our technology partner as we continue to explore the many strategic opportunities that lie ahead."
"We are delighted that Tadawul has chosen to deepen its relationship with NASDAQ OMX," said Lars Ottersgård, Senior Vice President, Market Technology, NASDAQ OMX. "This is a culmination of our long-term support to the Saudi market and based on our position as the leading global technology provider. We look forward to working closely with Tadawul through the next exciting chapter in its development."
About the Saudi Stock Exchange (Tadawul):
With a market capitalization of USD 373.42 billion and average daily trading value of USD 2.05 billion as at the end of 2012, the Saudi Stock Exchange (Tadawul) is considered the largest and most liquid stock exchange in the entire Middle East and North African region. Tadawul accounted for over 50% of the entire GCC equity markets in terms of market capitalization, and 90% of the value traded in the region as at the end of 2012.
As local wealth and liquidity continue to rise, Tadawul's size, liquidity and performance have provided both investors and issuers with a robust and reliable gateway to access the Saudi capital market, acting as a fundamental enabler of efficient and effective mobilisation of capital and investment in the Saudi economy.
Over the last five years 73 companies have listed on the Saudi Stock Exchange, raising a total of USD 17.3 billion in IPO capital and shareholder proceeds.
The Exchange hosts a diverse range of listed companies – 160 in all – covering 15 different sectors including petrochemicals, banks and financials, cement, industrials, energy and utilities, building and construction, insurance, retail, and food and agriculture. This diversity enables our investors to gain exposure to the performance of many of the key segments of the Saudi economy, the largest economy in the region.
Against a background of increased international investor interest in the region, and imminent policy changes, Tadawul is without doubt the stand-out exchange by every measure.
About NASDAQ OMX:
The inventor of the electronic exchange, The NASDAQ OMX Group, Inc., fuels economies and provides transformative technologies for the entire lifecycle of a trade - from risk management to trade to surveillance to clearing. In the U.S. and Europe, we own and operate 26 markets, 3 clearinghouses and 5 central securities depositories supporting equities, options, fixed income, derivatives, commodities, futures and structured products. Able to process more than 1 million messages per second at sub-40 microsecond speeds with 99.99% uptime, our technology drives more than 70 marketplaces in 50 developed and emerging countries into the future, powering 1 in 10 of the world's securities transactions. Our award-winning data products and worldwide indexes are the benchmarks in the financial industry. Home to approximately 3,400 listed companies worth $6 trillion in market cap whose innovations shape our world, we give the ideas of tomorrow access to capital today. Welcome to where the world takes a big leap forward, daily. Welcome to the NASDAQ OMX Century. To learn more, visit www.nasdaqomx.com. Follow us on Facebook ( http://www.facebook.com/NASDAQ) and Twitter (http://www.twitter.com/nasdaqomx). (Symbol: NDAQ and member of S&P 500)
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Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about X-stream INET and NASDAQ OMX's other products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to factors detailed in NASDAQ OMX's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
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