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Dubai Financial Market to get OMX trading system

UAE stock exchange, Dubai Financial Market (DFM) has awarded a multi-million dollar contract to OMX, a specialist in the stock market industry, to provide a new trading system platform.

UAE stock exchange, Dubai Financial Market (DFM) has awarded a multi-million dollar contract to OMX, a specialist in the stock market industry, to provide a new trading system platform.

“The new fully integrated trading platform will enable DFM to take the next big leap in modernizing the stock market and improving its performance,” said Essa Kazim, director general, DFM.

Under the terms of the contract, OMX will be the system provider for the license, customisation, implementation and support of DFM’s new high performance trading system platform, the OMX X-stream.

X-Stream is a high performance, fault tolerant exchange trading system designed to offer software performance with processing rates of several thousand orders per second and exceptional response times.

“The new trading platform is part of our overall strategy to continuously invest and enhance our IT infrastructure. DFM has grown from strength to strength – 2,000 trades a day five years ago to 20,000 trades a day currently. Taking cue from past experience, DFM expects trade volumes to grow exponentially in the near future and our IT investments are planned for the anticipated growth,” added Kazim.

Magnus Bocker, CEO of OMX said the order strengthen its leading position in the Middle East, a market which was offering highly interesting growth opportunities for OMX. “This is the continuation of a technology partnership to further develop both parties and in particular contributing to develop the financial markets in Dubai,” he said.

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