The NASDAQ OMX Group has been selected as technology partner for the New Zealand market (NZX). NASDAQ OMX will deliver its widely deployed X-stream technology to power NZX's trading platform.
The new platform will handle trading of equities and derivatives securities and is scheduled to be rolled out at the end Q3 or early Q4 of 2012. NASDAQ OMX was selected in competition with a number of global exchange technology providers.
X-stream is a multi-asset trading system that complies with international standards and is capable of handling equities, derivatives, commodities, ETFs and a range of other instruments on one single platform. NASDAQ OMX's X-stream technology is deployed in 22 markets worldwide.
Mark Weldon, CEO of NZX, says: "The NASDAQ OMX trading platform and connectivity suite will set the NZX business and its markets up for all foreseeable competitive situations and allow significant innovation in terms of market design and market offerings. I am confident that this platform will be a substantial contributor to organisational performance over the next five years, and is the final piece in NZX"s infrastructure puzzle, laying on top of the new Clearing House implemented in 2010."
Lars Ottersgard, Senior Vice President at NASDAQ OMX Market Technology, says: "This is a very exciting opportunity for us and we look forward to supporting NZX in bringing to its market one of the most sophisticated and widely deployed trading technologies available. Cutting edge technology continues to be a key driver in creating efficient and fluent capital markets and with an X-stream powered platform in place NZX will be in a strong position to grow volumes and attract new investors."