Egypt’s EGX Extends Trading Technology Contract with NASDAQ OMX

By Yomna Yasser On Sep 15, 2014

The NASDAQ OMX Group, Inc (Nasdaq:NDAQ) and the Egyptian Exchange (EGX) have entered an agreement to extend the current contract for EGX till January 2020 to tap NASDAQ OMX’s X-stream trading technology, the most widely deployed exchange technology in the world, according to NASDAQ website.
Under the terms of the agreement, NASDAQ OMX will continue to support the EGX trading platform, powered by NASDAQ OMX’s X-stream trading technology, which it has been live since 2008. In addition to being a technology customer since 1999, EGX has also been a strategic partner of NASDAQ OMX via the Egypt for Information Dissemination (EGID) since 2006.
“We are pleased with the successful, lasting relationship with NASDAQ OMX who has consistently supported our growth and sustainability as an important marketplace in our region,” said Dr. Mohamed Omran, Executive Chairman of EGX. “As we continue to evolve our business as the center point of Egypt’s financial economy, we want the finest technology and resources available for our market participants. Working with NASDAQ OMX meets this demand head on.”
“NASDAQ OMX is proud to continue the renewed trust and engagement in our successful cooperation with EGX over the many years,” Lars Ottersgard, Senior Vice President and Head of Market Technology. “EGX operates in one of the most dynamic, ever-changing regions of the world and is a crucial element to its financial and economic success to investors domestic and foreign alike. We look forward to continuing this relationship with them.”
NASDAQ OMX’s exchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in over 100 marketplaces across USA, Europe, Asia, Australia, Africa and Middle East.
The Egyptian Exchange is one of the oldest Stock Exchanges in the World and dates back more than 130 years. It is the only registered Stock Exchange in Egypt. EGX is a market operator specialized in listing and trading of equities, government bonds, corporate bonds, close-ended mutual funds, ETFs and sukuks.
EGX vision is to be a World-Class, Egypt-based Exchange: the Premier Capital Market in the Middle East & North Africa Region that best serves its stakeholders. EGX aims to empower its customers by providing top notch market technology, innovative products, fair, transparent & efficient markets.
EGX is the first Arab Exchange to be a member of the World Federation of Exchanges since 2005. The Executive Chairman of EGX is also the Vice Chairman of the Federation of Euro Asian Exchanges as well as a founding and leading member of the Arab Federation of Exchanges and the African Securities Exchanges Association.