The Iraq Stock Exchange Upgrades to NASDAQ OMX's X-Stream Technology

[yota691]

The Iraq Stock Exchange Upgrades to NASDAQ OMX's X-Stream Technology

 

June 28, 2013: 07:00 AM ET

NEW YORK and BAGHDAD, Iraq, June 28, 2013 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group (Nasdaq:NDAQ) has entered an agreement with the Iraq Stock Exchange (ISX) to upgrade its current trading platform. Under the terms of the agreement, ISX will replace its existing NASDAQ OMX platform (Horizon) with one powered by the renowned X-stream technology. The upgrade is expected to be rolled out by mid-year 2014.

"We are committed to becoming one of the most innovative and groundbreaking exchanges, in the Middle East and across the world," said Taha A. Abdulsalam, CEO, Iraq Stock Exchange. "Upgrading our trading technology and continuing our partnership with NASDAQ OMX is a clear indication to investors, regulators and other exchanges that Iraq will continue to become a financial center for more regional and global businesses."

The upgrade to X-stream will provide ISX with a widely deployed high-end, multi-asset trading platform that complies with international standards. The migration to X-stream is a step in ISX's ambition to become a Middle Eastern hub, able to host and facilitate other regional markets. NASDAQ OMX has delivered trading technology to ISX since 2007.

"We congratulate the Iraq Stock Exchange on their commitment to a trading platform that is certain to put them at the technology forefront of exchanges in the Middle East," Lars Ottersgard, Senior Vice President, Market Technology, NASDAQ OMX. "The upgrade to X-stream technology will equip ISX with a sophisticated and robust trading platform that increases investor involvement both in the Middle East and internationally."

In less than a decade, traded shares in ISX increased almost 10-fold, to more than 1.2 billion traded shares expected in 2013, while market capitalization increased more than seven times over the same period to over $12,170 billion USD in the first six months of 2013 alone.

"We are extremely proud to support ISX's positive development and their vision to provide a well-recognized marketplace in the region," said Michèle Carlsson, Head of Business Development, Middle East and Africa, NASDAQ OMX. "ISX recently implemented one of the most successful IPOs in the Middle East and by upgrading to our X-stream  technology, ISX will be running a resilient market place that will attract both Iraqi and international investors."

NASDAQ OMX's X-stream technology is currently used by over 25 exchanges globally.

About NASDAQ OMX:

The inventor of the electronic exchange, The NASDAQ OMX Group, Inc., fuels economies and provides transformative technologies for the entire lifecycle of a trade - from risk management to trade to surveillance to clearing. In the U.S. and Europe, we own and operate 26 markets, 3 clearinghouses and 5 central securities depositories supporting equities, options, fixed income, derivatives, commodities, futures and structured products. Able to process more than 1 million messages per second at sub-40 microsecond speeds with 99.99% uptime, our technology drives more than 70 marketplaces in 50 developed and emerging countries into the future, powering 1 in 10 of the world's securities transactions. Our award-winning data products and worldwide indexes are the benchmarks in the financial industry. Home to approximately 3,400 listed companies worth $6 trillion in market cap whose innovations shape our world, we give the ideas of tomorrow access to capital today. Welcome to where the world takes a big leap forward, daily.  Welcome to the NASDAQ OMX Century. To learn more, visit www.nasdaqomx.com. Follow us on Facebook (http://www.facebook.com/NASDAQ) and Twitter (http://www.twitter.com/nasdaqomx). (Symbol: NDAQ and member of S&P 500)

About Iraq Stock Exchange

Iraq stock exchange (ISX) was established according to law 74 on April 18, 2004 and began trading on June 24, 2004, ISX held its 1st session on June 24^th 2004 using manual trading, written auction on white boards, orders get executed in the specified units either partially or in full, priorities are given to highest price in the buy orders and the lowest prices in the sell orders, since 24th Jun 2004 till 19th April 2009.

To enable companies to trade electronically, Electronic trading was introduced to the market for the first time in the history of Iraq by using NASDAQ OMX platform in April 2009, The White boards have been replaced by Electronic trading workstations. ISX operates 5 trading sessions on Sunday, to Thursday every week.

According to the regulation rules, ISX tasks include: Regulating, controlling, disclosing, and launching continuous trading on listed company's shares, in addition to controlling both trading operations and activities of Brokerage Companies financial solvency.

 

[bald1]

Things are falling into place very well. We are almost there. WOOOOHOOOOOO

[AustinMom]

This is great news.  I wish I knew more about the ISX, but I just have not had the time to look into it.  I would like to take some of my post-RV monies and invest in the ISX, but I need to do a lot more research.  Can't begin to tell you how much my "team of experts"  have lost for me, on Wall Street.  Just don't want to make the same mistake twice.  A little gun shy I suppose.  I could have had fun with the monies that just disappeared on Wall Street..........  again, just don't want to make the same mistake.

[ablaze96]

Nice. Another step in the right direction.

[sandfly]

YEP KEEP IT GOING

[moneysoon]

This does not happen so quickly without planning. The infrastructure for what we have been looking for has been unfolding strategically for quite some time now. There are huge plans for this country. Luckily isxers are in the right place at the right time.

[fancy]

Come on Iraq.....you can run with the big boys now!

This is great news!!!!

[duty.rec]

This must be good news, its all coming together.

Please Iraq do it by the end of the day as it is my Birthday and an extra large present would be very nice Ha! Ha!

Go RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV

[rightsonword]

This does not happen so quickly without planning. The infrastructure for what we have been looking for has been unfolding strategically for quite some time now. There are huge plans for this country. Luckily isxers are in the right place at the right time.

Very true! Exciting times ahead, my friend.

[yota691]

adding to the above article...Iraqi market for securities uses Bnazdak to make it a financial center on the regional and global level

 

 

Iraqi market for securities

 

Author: HAA 
Editor: AF, BS 29/06/2013, 16:07

 

 

 

Range Press / Baghdad

The Foundation signed a NASDAQ Global Market, on Saturday, an agreement with the Iraqi market for securities to develop the system work in business dealings, and showed institution that the agreement includes replacement of the stock market Iraqi its system current ones will make it a platform for stock trading fast and sophisticated at the global level, as confirmed by local officials that partnership with the NASDAQ will make Iraq a financial center for all commercial activities of regional and global markets.

He said the first deputy chairman technology stock market in an institution NASDAQ Lars Ottarsgard in an interview for إنفستر news economic and briefed him (range Press), "The Corporation NASDAQ NASDAQ Global Stock Exchange and headquartered in New York and signed with the Iraqi market for securities ISX agreement to develop the system work the Iraqi market, the current business dealings and congratulate the Iraqi stock market on their pledge to develop their commercial system to occupy their place at the forefront of the market based on modern technology in the Middle East

He Oter Sgaard that "according to the terms of the agreement Vstqom stock market Iraqi replace its system of current ones backed technology company X-Stream X-Stream Technology of the NASDAQ, as will be the introduction of developments technological modern stock market in mid-2014," noting that "the updates that Stdkhalha technology X Stream on the Iraqi stock market system will make it a platform for business transactions fast and sophisticated, which will increase to attract investors in the Middle East and the global level. "

For his part, said Michelle Carlson, head of business development for the Middle East and North Africa in the NASDAQ "We are very proud بتقديمنا Technology X-Stream modern to support the development of the stock market of Iraq to become a market recognized brand in the region and be the station to attract investors to local and international alike."

In turn, the director of the Iraqi market for securities Taha Abdul Salam said that "the market's administration is committed to making it one of the most bourses Tjaddeda and active in the Middle East and across the world," noting that "the modernization and development of the system our commercial technological with the survival of our continuing partnership with the NASDAQ is a clear indication for investors The stock market dealers that Iraq will continue to be the financial center of all activities of regional and global trade. "

 

He said Abdul Salam that "the process of modernization and according to the technology company X-Stream X-Stream will provide the Iraqi market for securities most modern techniques of technology stock trading in accordance with the international standards and the adoption of this technology is a step in an ambitious market Iraqi Stock Exchange to become a point of attraction in the Middle East capable of hosting and facilitate other regional Alasouk activities. "

During a period of less than ten years the proportion of stock trading business in the Iraqi Stock Exchange tenfold expectations of sales of shares to more than $ 1.2 billion during the year 2013 while the increased market capitalization seven-fold during the same period to reach more than 12.170 billion dollars in the first six months in 2013 only.

The technology NASDAQ X-Stream currently used in more than 25 exchange in the world market.

And the market for securities Iraq three branches in Baghdad and Erbil, Najaf and the latter opened in the seventh month of January 2013.

It is noteworthy that the Iraqi market for securities, which was established in June 2004, which was founded and was following a manual trading prior to the adoption of electronic trading in part on 19 April 2009, and then fully in the year 2010, and traded in the market dozens of companies specializing in sectors including banking, industry , hotels, tourism, agriculture, and the number of sessions the market in the year 2010.236 session, during which trading of more than 256 billion shares worth more than $ 339 million through the implementation of 71 thousand a decade, and in 2009 the number of sessions the market 152 a session, it was a circulation of about 211 billion shares valued at 307 million dollars through the implementation of the 49 thousand contract.

Read more: http://dinarvets.com/forums/index.php?/topic/152735-iraqi-market-for-securities-uses-bnazdak-to-make-it-a-financial-center-on-the-regional-and-global-level/#ixzz2XcmncTy6

Edited June 29, 2013 by yota691