RegionsMiddle EastNasdaq, Borse Dubai sign tech deal

Nasdaq, Borse Dubai sign tech deal

Borse Dubai will overhaul trading and post-trade technology of Dubai Financial Market, paving the way for various market enhancements including CCP clearing.

US electronic stock market Nasdaq and Borse Dubai, parent company of Dubai Financial Market (DFM) have agreed a deal to bolster the technological infrastructure of Dubai’s stock exchanges, DFM and Nasdaq Dubai, and further improve post-trade practices. DFM has been a Nasdaq market technology client since its inception in 2000.

Under the agreement with Borse Dubai, Nasdaq will deliver a new INET-powered, multi-asset trading technology engine (Nasdaq Matching Engine), a state-of-the-art cash equities clearing module (Nasdaq Packaged Clearing) and enable an in-memory-vetting model on the central securities depository (CSD) solution, which will increase performance, speed and resiliency, all under the new Nasdaq Financial Framework architecture. This infrastructure renovation is expected to be completed by early 2019 and will pave the way for various enhancements in DFM, including central counterparty (CCP) clearing.

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