Nasdaq Signs New Market Technology Deal with Hong Kong Exchanges and Clearing Limited
April 11 2017 - 9:48AM
HKEX to upgrade derivatives market platform to
Nasdaq Financial Framework architecture for trading, clearing and
real-time risk management
NEW YORK, April 11, 2017 (GLOBE NEWSWIRE)
-- 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 Nasdaq
Nasdaq (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
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Nasdaq via Globenewswire
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