Kuwaiti Bourse Debuts Nasdaq-Powered Platform
The Kuwait Stock Exchange (KSE) has successfully rolled out a new trading platform, powered by Nasdaq OMX's X-stream technology.
Intially used for cash equities and forwards, future plans include extensions to other derivatives and bonds. Nasdaq has also supplied KSE with its SMARTS surveillance technology.
The new platform follows an agreement signed in 2009 between the KSE and Nasdaq, where the latter supplies technology assets to the former. The deal's structure appears similar to a recent implementation of the system by the Nigerian Stock Exchange.
"KSE is delighted to go live with X-stream, which is a powerful and flexible system; it will support the development of the Kuwaiti capital market and Kuwait's mission to become a regional financial centre," says Issam Alusaimi, head of the projects management office at KSE. "Under our partnership with NASDAQ OMX, our team at KSE has benefitted greatly from the transfer of knowledge and experience from their seasoned market professionals in all areas of our operations; not just in implementing X-stream and the SMARTS surveillance system, but also in initiatives such as the introduction of the ‘KSX 15′ investable index, new sectors and proposals for new post-trade mechanisms. We look forward to building on this base to bring further positive and major developments in our marketplace for the benefit of investors, listed companies, market participants and the economy of Kuwait as a whole."
Intially used for cash equities and forwards, future plans include extensions to other derivatives and bonds. Nasdaq has also supplied KSE with its SMARTS surveillance technology.
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