OMX signs contract with the Cairo & Alexandria Stock Exchanges to deliver new trading system
OMX, a leading expert in the exchange industry, has signed an agreement with the Cairo & Alexandria Stock Exchanges (CASE), the Egyptian Exchange and Exchange Technology group, to provide a new trading system in order to enhance CASE’s IT infrastructure.
Under the terms of the contract, OMX will be the system provider for the license, customization, implementation and support of CASE’s new trading system.
“To be chosen to deliver the trading technology to the Cairo & Alexandria Stock Exchanges is an acknowledgement of our position as a leading global provider of market technology. Equally as important, it is an opportunity to strengthen our position in the Middle East and Africa, which is a highly interesting region of growth for OMX. This is the continuation of a technology partnership to further develop both parties and contributing to develop the financial markets in Egypt in particular”, said Magnus Böcker, President and CEO, OMX.
“We are delighted to partner with OMX, which will provide us with CASE’s “Next Generation Trading System”. We needed a technological overhaul because of our rapid growth, combined with what we expect to be dramatic changes in the Egyptian securities industry in the next few years. CASE based its decision not only on system performance targets but also reliability, robustness, stability, flexibility, adaptability, scalability, highly proven, cost to operate, and time-to-market factors. The OMX solution was very strong on each of these criteria”, said Maged Shawky, Chairman of CASE.