Nasdaq and Extraordinary Re Sign Market Technology Agreement
March 01 2018 - 7:00AM
Nasdaq Inc. (Nasdaq:NDAQ) and Extraordinary Re signed a new market
technology agreement for Nasdaq to deliver matching engine
technology via the Nasdaq Financial Framework architecture.
Extraordinary Re will deploy this technology through its patented
Liquid Insurance Contract risk allocation platform. Extraordinary
Re will also operate its system on a private cloud and leverage
blockchain technology to transmit flow-through information to its
participants. The go-live is targeted for summer 2018.
“The agreement with Nasdaq is an important milestone in our
go-to-market plan,” said Will Dove, Chairman & Chief Executive
Officer, Extraordinary Re. “Our innovative structure and technology
will deliver new classes of risk to investors through a platform
powered by Nasdaq’s market-leading technology.”
Extraordinary Re’s platform is embedded within a reinsurance
entity. This allows Extraordinary Re to access a broad range of
insurance liabilities to make them available for allocation among
institutional investors. Extraordinary Re is creating a new
pathway for insurers, reinsurers and managing general agencies
around the world to access capacity from the Insurance Linked
Securities (ILS) market. Extraordinary Re will enable its
participants to reallocate insurance risks among themselves in a
familiar format, powered by tested Nasdaq technology. By leveraging
blockchain technology, Extraordinary Re will deliver granular and
real-time data to its participants and expects to deploy other
applications using this technology in the future.
“Extraordinary Re is helping bring a new way of thinking for
institutional investors to the global reinsurance market and we are
excited to work with them in bringing this vision alive through our
technology,” said Paul McKeown, Senior Vice President, Market
Technology, Nasdaq. “With the agility of the Nasdaq Financial
Framework, we are able to provide a platform that can flexibly
support new assets and new types of innovative markets, like
Extraordinary Re. We look forward to expanding our relationship as
they grow in this space.”
Nasdaq’s market infrastructure technologies, including trading,
real-time risk, index, clearing, CSD and market surveillance
systems are operated in more than 100 marketplaces, regulators,
clearinghouses and central securities depositories across the
Americas, Europe, Asia, Australia, Africa, the Middle East and the
Caribbean.
About NasdaqNasdaq (Nasdaq:NDAQ) 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 90
marketplaces in 50 countries, and 1 in 10 of the world's securities
transactions. Nasdaq is home to approximately 3,900 total listings
with a market value of approximately $12 trillion. To learn more,
visit: http://business.nasdaq.com
About Extraordinary ReExtraordinary Re is an
InsurTech leader that is creating a liquid platform for $22
trillion in insurance liabilities. The company is building a system
to handle a broad range of insurance liabilities and make them
available and attractive to institutional investors.
Extraordinary Re solves three problems: For investors, it
answers the need for uncorrelated returns. For insurers and
reinsurers, it expands the ability to transfer risk to the capital
markets. And for consumers and businesses around the world
who rely on insurance to protect them, it alleviates the insurance
protection gap by increasing the availability and decreasing the
cost of risk transfer. To learn more, visit
https://www.extraordinaryre.com/.
For Media Inquiries:
NasdaqRyan Wellsryan.wells@nasdaq.comDirect:
+44 (0) 20 3753 2231Mobile: +44 (0) 7809 596 390
Extraordinary ReCybil
Rosecybil.rose@kemperlesnik.comDirect: 1.312.755.3537
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