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26/03/2014 08:51 AST
The Muscat Securities Market (MSM) has announced that it has taken this relationship with Euronext further by signing an initial agreement with the company for the implementation of its new UTP solution-UTP-Hybrid.
In fact, MSM started its relations with Euronext, in the year 2006 when the first Atos Euronext V.800 an electronic trading system was implemented in the market, which was later upgraded after five years of successful working to V. 900 in July 2011.
Three other exchanges that signed this agreement with Euronext along with MSM are the Amman Stock Exchange, the Beirut Stock Exchange and Bourse des valeurs Mobilieres de Tunis, all long-standing and valued clients of Euronext, will benefit from customisation, project delivery and ten years of support in a low-risk fixed price package.
Replacing NSC platform
The project will include the replacement of the NSC trading platform, which reaches the end of its commercial support life in 2016.
The Middle East and North Africa (Mena) region has an increasingly sophisticated financial markets industry with exchanges looking for a cost-effective, high performance platform to support growth in equities or entry into new asset classes.
UTP is a multi-asset class, multi-currency trading platform providing complex functions for low-latency markets. It is the core technology that Euronext uses to operate its single order book model throughout Europe.
This agreement provides these four exchanges with the benefits of Euronext's investment in UTP packaged into a low risk, high-performance solution with a long term support commitment. In this way, UTP-Hybrid meets the cost-effectiveness needs of smaller exchanges while still offering the liquidity generating functions needed for their future growth in equity and derivative markets.
"This contract is agreed upon for ten years, which is the first time such a unique timeline has been set. After much thought and lengthy negations with the Euronext the 4 exchanges have entered into this contract upon being offered very competitive pricing. During this time the developers will provide the exchanges with the latest version of the new trading system which consists of all the features available in any modern trading system, being used in the most advanced world exchanges.
Mena region
"These systems are subject to enhancements and modifications and the developers shall be obliged to update the system free of charge," said Ahmed Al Marhoon, director general of the Muscat Securities Market.
"This is an important development for Euronext as it demonstrates our commitment to use UTP as a means of bringing international markets closer together to generate growth in their local economies.
This project will enable these four exchanges to build closer ties and play a larger role in the promotion of the Mena region in Europe and around the world. We will continue to help develop markets in the Mena region and work with our clients on both business and technology initiatives," added Dominique Cerutti, chief executive of Euronext.
Times of Oman
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SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
DARALARKAN | 13.47 | 74,648,349 |
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