Nasdaq signs market tech agreement with Iraq Stock Exchange
Nasdaq and the Iraq Stock Exchange (ISX) have signed a new agreement to extend their market technology relationship.
This new agreement marks the next chapter of a technology partnership between Nasdaq and ISX which originated in 2007. As part of the agreement, Nasdaq will continue providing ISX with matching engine and central securities depository technology.
“Using Nasdaq’s market technology is a clear indication to investors, regulators and other exchanges that Iraq will bolster its efforts into becoming an important financial centre for regional and global businesses,” says Taha A. Abdulsalam, CEO of Iraq Stock Exchange.
“By upgrading to the latest Nasdaq technology, ISX will be joining a community of exchanges deploying high-end, multi-asset trading technology that complies with international standards,” says Michèle Carlsson, managing director at Nasdaq in the Middle East and Africa.
Nasdaq’s market technology powers more than 250 of the world’s market infrastructure organisations and market participants, including broker-dealers, exchanges, clearinghouses, central securities depositories and regulators, in over 50 countries with end-to-end, mission-critical technology solutions.
Electronic trading was introduced to the market for the first time in the history of Iraq by using Nasdaq’s platform in April 2009. The White boards have since been replaced by Electronic trading workstations.