The NASDAQ OMX Group, announced that the Kuwait Stock Exchange (KSE) has successfully rolled out its new NASDAQ OMX powered trading platform. KSE's new trading platform is based on NASDAQ OMX's proven X-stream technology and will initially support trading of cash equities and forwards, with additional derivatives products and bonds to be added in the next phase. NASDAQ OMX has also provided KSE with index calculation technology and a SMARTS powered surveillance solution.
NASDAQ OMX and KSE signed a partnership agreement in October 2009 for the provision of both technology solutions and business advisory expertise in order to assist KSE in its efforts to develop its capital markets and establish Kuwait as a regional financial centre. KSE's implementation of world-leading trading and surveillance technology is a key component in facilitating new exchange traded products and services and closer compliance to international standards and industry best practice.
Mr Issam Alusaimi, Head of KSE's Projects Management Office, said: "KSE is delighted to go live with X-stream, which is a powerful and flexible system; it will support the development of the Kuwaiti capital market and Kuwait's mission to become a regional financial centre. Under our partnership with NASDAQ OMX, our team at KSE has benefitted greatly from the transfer of knowledge and experience from their seasoned market professionals in all areas of our operations; not just in implementing X-stream and the SMARTS surveillance system, but also in initiatives such as the introduction of the 'KSX 15' investable index, new sectors and proposals for new post-trade mechanisms. We look forward to building on this base to bring further positive and major developments in our marketplace for the benefit of investors, listed companies, market participants and the economy of Kuwait as a whole."
Lars Ottersgard, Senior Vice President NASDAQ OMX Market Technology, commented: "KSE is an excellent example of a customer partnership that goes beyond trading technology to also comprise the advisory services needed to run efficient markets. KSE has deployed a state-of-the-art system that will drive increased investor awareness in the region and we look forward to continue supporting their market development. NASDAQ OMX today has a leading position in the Middle East with an extensive customer base and more than two decades of experience in this rapidly growing region."
NASDAQ OMX's X-stream technology is deployed in 22 markets worldwide. X-stream is a multi-asset system that complies with international standards and is capable of handling equities, commodities, debt, ETFs, futures, options, swaps and derivatives on a single platform.