NASDAQ OMX Forms Technology Partnership With the Kuwait Stock Exchange
STOCKHOLM, Sweden and NEW YORK, Oct 12, 2009 (GlobeNewswire via COMTEX News Network) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced that it has signed an agreement with the Kuwait Stock Exchange (KSE) to provide trading technology and strategic advisory services to its exchange. As part of a joint venture to develop the Kuwait capital market, NASDAQ OMX will deliver technology for trading, surveillance and market data to KSE. KSE marks NASDAQ OMX's eleventh technology customer in the Middle East region.
Under the agreement signed today in Kuwait City, NASDAQ OMX has committed to provide strategic advisory services to the KSE management team, with the objective to support the exchange's compliance with international standards and its contribution to development of the national capital market. A critical part of this initiative is the implementation of a new electronic trading platform at KSE. The trading platform will be used for equities, bonds and derivatives. Roll out of initial product classes is scheduled for the first half of 2011.
Lars Ottersgard, Senior Vice President NASDAQ OMX Market Technology said, "We look forward to partnering with KSE to support development of its financial market, and, as part of this, deliver a state-of-the-art system that will put them at the technology forefront among Middle East exchanges. Kuwait is a key financial center in the Middle East region and we are confident that our collaboration with KSE will act to further attract investor awareness both to the exchange and Kuwait's financial market as a whole."
A spokesman for Kuwait Stock Exchange said, "NASDAQ OMX's experience and track record in implementing systems around and the world and particularly in this region, together with their ability to contribute to our development, led us to select them to work with us. KSE intends to use the new IT systems to introduce new products and services in the future. We also intend, with NASDAQ OMX's help, to implement best practices and to ensure compliance with relevant international standards. We look forward to enjoying a long and mutually rewarding partnership with NASDAQ OMX."
Since January 2009 NASDAQ OMX has a regional office in Dubai driving new business endeavours and supporting existing customers in the Middle East, Africa and South Asia region.
About NASDAQ OMX
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with over 3,700 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit http://www.nasdaqomx.com.
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 NASDAQ OMX's 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.
NDAQG
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SOURCE: The NASDAQ OMX Group, Inc.
CONTACT: The NASDAQ OMX Group, Inc. Media Contacts: Carl Norell +46 8 405 66 39 carl.norell@nasdaqomx.com Bethany Sherman +1 212 401 8714 bethany.sherman@nasdaqomx.com
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