Nasdaq Signs New Market Technology Deal with Hong Kong Exchanges and Clearing Limited
April 11 2017 - 9:35AM
Nasdaq, Inc. (Nasdaq:NDAQ) today announced a new agreement with
Hong Kong Exchanges and Clearing Limited (HKEX) to upgrade the
technological infrastructure of Hong Kong’s main derivatives
market, including trading, clearing and real-time risk management
technologies. The agreement also extends the existing relationship
for an additional five years. HKEX and Nasdaq have been technology
partners since 1994.
Under the agreement with HKEX, Nasdaq will deliver a new
multi-asset trading technology engine (Nasdaq Multi Matching
Engine), a state-of-the-art multi-asset derivatives clearing engine
and a real-time risk management solution (Nasdaq Clearing Engine
and Nasdaq Real-Time Risk), which will increase performance, speed,
flexibility and resiliency of trading and clearing. Further, the
new platform will address the sophisticated risk management and
stress testing needs of today’s CCPs and exchanges to manage risk
of financial derivatives such as equity, FX, commodities and fixed
income asset classes, all under the new Nasdaq Financial Framework
architecture. The upgrade is expected to be completed in the second
half of 2018.
“We have been able to provide superior capability and very
reliable market infrastructure, high priorities at HKEX, with the
Nasdaq technology we use in our derivatives market,” said Richard
Leung, HKEX’s Co-Head of IT. “We look forward to completing
our upgrade smoothly and receiving continued high quality technical
support from Nasdaq.”
“Nasdaq is proud of the technology partnership that has existed
between our respective organizations for nearly 25 years,” said
Lars Ottersgård, Executive Vice President and Head of Market
Technology, Nasdaq. “HKEX is one of the global capital markets’
true innovators who are committed to the continuous introduction of
new technologies to bolster and strengthen the product and services
offerings for their clients and partners, along with a rigorous
focus on shaping the future of our industry. We are thrilled to
support HKEX on this journey and further our relationship in the
years to come.”
The architecture that HKEX’s derivatives market will run on, the
Nasdaq Financial Framework, is designed to ensure openness,
flexibility and the capability of supporting HKEX’s requirements.
The solution comprises of a number of seamlessly integrated
Business Applications across the trade lifecycle that leverage a
single, operational hub. For post-trade operations, the Nasdaq
Clearing business application is fully integrated with the Nasdaq
Matching Engine, which will allow HKEX to benefit from a more
harmonised approach. Additionally, the Nasdaq Financial Framework
is built to accommodate continuous change, which allows seamless
integration with other third-party trading and post-trade systems,
thus supporting a reduction of the total cost of ownership
(TCO).
Nasdaq’s exchange technology, including trading, clearing, CSD
and market surveillance systems, is in operation in over 100
marketplaces across the Americas, Europe, Asia, Australia, Africa,
the Middle East and the Caribbean.
About NasdaqNasdaq (Nasdaq:NDAQ) is a leading
provider of trading, clearing, exchange technology, listing,
information and public company services across six continents.
Through its diverse portfolio of solutions, Nasdaq enables clients
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 85 marketplaces in 50 countries, and 1
in 10 of the world's securities transactions. Nasdaq is home to
approximately 3,800 listed companies with a market value of $10.1
trillion and nearly 18,000 corporate clients. To learn more, visit:
business.nasdaq.com.
NDAQG
Contacts
Allan Schoenberg
(212) 231-5534
Allan.Schoenberg@nasdaq.com
Christine Barna
(646) 441-5310
Christine.Barna@nasdaq.com
Nasdaq (NASDAQ:NDAQ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nasdaq (NASDAQ:NDAQ)
Historical Stock Chart
From Apr 2023 to Apr 2024