The nascent Iraqi stock exchange is now sourcing its trading technology from Nasdaq.
U.S. exchange operator Nasdaq is helping the Baghdad-based exchange now employs the former’s X-stream Trading technology, which replaced the existing Horizon platform. Nasdaq has delivered trading technology to ISX since 2007.
The X-stream Trading upgrade provides ISX with a widely deployed high-end, multi-asset trading platform that complies with international standards, according to Nasdaq. The new technology provides ISX with improved performance and up to ten-fold the amount of the capacity.
“This is an important milestone for our exchange, the companies of Iraq and investors in the region and around the world,” said Taha A. Abdulsalam, CEO, Iraq Stock Exchange. “We were well-prepared for the transition to our new trading platform, and the system has worked flawlessly since our go-live, which was on schedule and budget. Our ambition to be the focal point of the region’s capital markets is certainly on par with this new technology launch that benefits a vast amount of our key stakeholders.”
Nasdaq’s exchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in over 100 marketplaces across USA, Europe, Asia, Australia, Africa and Middle East.