Nasdaq and the Iraq Stock Exchange sign new market technology agreement
STOCKHOLM (GLOBE NEWSWIRE) -- Nasdaq Inc. and the Iraq Stock Exchange (ISX) have signed a new agreement to extend their market technology relationship. As part of the agreement, Nasdaq will continue providing ISX with matching engine and central securities depository (CSD) technology. This new agreement marks the next chapter of a technology partnership between Nasdaq and ISX which originated in 2007. “We are pleased to build on our successful partnership with Nasdaq,” said Taha A. Abdulsalam, CEO, Iraq Stock Exchange. “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 center for regional and global businesses.” ”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,” said Michèle Carlsson, Managing Director, Nasdaq in the Middle East and Africa. “We look forward to supporting ISX as they continue evolving and innovating their marketplace.” Nasdaq’s market technology powers more than 250 of the world’s market infrastructure organizations 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. Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets.
As the creator of the world's first electronic stock market, its technology powers more than 100 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 4,000 total listings with a market value of approximately $15 trillion. 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 24th 2004 using manual trading, written auction on white boards. 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’s platform in April 2009. The White boards have since 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 companies’ shares, in addition to controlling both trading operations and activities of Brokerage Companies financial solvency.