The Saudi Stock Exchange (Tadawul) has entered into an agreement with Nasdaq OMX Group, the world's largest exchange company, for a key upgradation of its current trading platform.

As part of its long-term strategic plan, Tadawul will replace its existing Nasdaq OMX platform (Saxess) with one powered by the industry leading X-Stream INET technology. Migration to the new platform is expected to commence in January 2014.

Tadawul will also continue to leverage the existing suite of market surveillance and CSD technologies that have been supported by Nasdaq OMX since 2006.

"The Saudi Stock Exchange is proud to engage in a new chapter in its relationship with NASDAQ OMX as we continue our efforts to build the necessary infrastructure to expand into new products and services,"

Speakinga the signing ceremony, Tadawul CEO Adel Al-Ghamdi Officer said: "Our investment in the X-stream INET trading platform, recognized as the most advanced securities trading technology in the world, is an investment in the future of our capital markets. Its capacity and low latency will provide our members, and their clients, with enhanced performance and speed."

"The platform's scalability across asset classes also enables our marketplace to grow and adapt as our business environment and requirements change," remarked Al-Ghamdi.

"We are delighted to have Nasdaq OMX as our technology partner as we continue to explore the many strategic opportunities that lie ahead," he added.
 
Lars Ottersgård, the senior VP, Market Technology, Nasdaq OMX, said: "This is a culmination of our long-term support to the Saudi market and based on our position as the leading global technology provider. We look forward to working closely with Tadawul through the next exciting chapter in its development."-TradeArabia News Service