An agreement with Nasdaq OMX Group to replace its current trading platform with OMX platform (Horizon), powered by X-stream technology has been concluded by the Iraq Stock Exchange (ISX).
By the month of June of 2014, the process is anticipated to be upgraded. Iraq Stock Exchange CEO Taha Abdulsalam said that the upgrade is part of its strategy to emerge as one of the most innovative exchanges in the Middle East and across the globe.
He also remarked, "Upgrading our trading technology and continuing our partnership with Nasdaq OMX is a clear indication to investors, regulators and other exchanges that Iraq will continue to become a financial center for more regional and global businesses.”
Following migration to modern and multi-asset trading platform, the ISX will be able to comply with global standards of trading, while increasing the investor involvement both in the Middle East and internationally.
The upgrade is a necessity for the ISX as it has experienced a boom in traded shares by 10 times to over 1.2 billion expected in 2013, while its market capitalization raised more than seven folds during the same period. Presently, there are over 25 stock exchanges, which use the Nasdaq OMX's X-stream technology.
Nasdaq OMX Group owns and operates 26 markets, 3 clearinghouses and 5 central securities depositories in the US and Europe, which supports equities, options, fixed income, derivatives, commodities, futures and structured products.