The NASDAQ OMX Group announces that it has entered an agreement with The Nigerian Stock Exchange (NSE) to upgrade their cash equities trading platform. Under the terms of the agreement NASDAQ OMX will replace NSE's existing NASDAQ OMX platform (Horizon) with one powered by its proven X-stream technology. The upgrade is expected to be rolled out at NSE in the first half of 2013.
The upgrade to X-stream technology will provide NSE, one of the largest exchanges in Africa, with a widely deployed high-end, multi-asset trading platform that complies with international standards. The migration to X-stream is a step in NSE's ambition to become a West African hub able to host and facilitate other regional markets. NASDAQ OMX has been delivering trading technology to NSE since 1997.
Oscar Onyema, CEO at NSE said: "Through our commitment to world-class technology we are setting the foundation for developing NSE to a West African financial hub. Moreover, with our new advanced platform in place we can broaden our product-base as well as build the capacity to offer hosting services to other exchanges in the region."
Lars Ottersgard, Senior Vice President NASDAQ OMX Market Technology commented: "We congratulate NSE on their commitment to a trading platform that is certain to put them at the technology forefront of exchanges in Africa. The upgrade to X-stream technology will equip NSE with a sophisticated and functionality rich trading platform that acts to increase investor awareness both in Africa and internationally."