NASDAQ NDAQ, -0.41% and the Iraq Stock Exchange (ISX) announced today the successful on-scheduled go-live of the X-stream Trading technology, which replaced the existing Horizon platform. NASDAQ has delivered trading technology to ISX since 2007.
The X-stream Trading upgrade provides ISX with a widely deployed high-end, multi-asset trading platform that complies with international standards. The new technology provides ISX with improved performance and up to ten-fold the amount of the capacity.
"This is an important milestone for our exchange, the companies of Iraq and investors in the region and around the world," said Taha A. Abdulsalam, CEO, and Iraq Stock Exchange. "We were well-prepared for the transition to our new trading platform, and the system has worked flawlessly since our go-live, which was on schedule and budget. Our ambition to be the focal point of the region's capital markets is certainly on par with this new technology launch that benefits a vast amount of our key stakeholders."
"Nasdaq is proud to be supporting our long-term customer ISX in upgrading their market infrastructure," said Lars Ottersgard, Executive Vice President, Head of Market Technology, and NASDAQ. "This is a very dynamic, important marketplace that has the attention of the entire world. ISX has effectively shown their leadership and focus in driving access to capital in Iraq. We look forward to our continued collaboration with ISX as they grow and expand their business further."
Nasdaq's exchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in over 100 marketplaces across USA, Europe, Asia, Australia, Africa and Middle East.