NZX opts for Nasdaq trading platform system
NZX has chosen technology from Nasdaq, the world's largest exchange operator, to power its trading platform.
BUSINESSDESK: Stock exchange operator NZX has chosen technology from Nasdaq, the world's largest exchange operator, to power its trading platform.
Called X-stream, it will handle trading of equities and derivatives securities.
It will be rolled out at the end of the third quarter or early in the fourth quarter, the Wellington-based exchange said.
X-stream is deployed in 22 markets worldwide.
"The Nasdaq OMX trading platform and connectivity suite will set the NZX business, and its markets, up for all foreseeable competitive situations, and allow significant innovation in terms of market design and market offerings," departing chief executive Mark Weldon said.
It is "the final piece in NZX’s infrastructure puzzle".
A spokeswoman for the exchange told BusinessDesk the cost of the platform won’t be made public.
Nasdaq competed alongside several other participants in a global tender.
On Monday, NZX announced it had lifted its first-quarter revenue by 3% on increased agricultural data sales.
Its information markets and infrastructure assets underpinned its quarterly sales of $13.9 million, up from $13.5m in the same period a year earlier.
This is Mr Weldon's last day before he officially hands over the reins to Tim Bennett.
Mr Weldon is leaving after a decade at the helm, driving a strategy to diversify away from stock trading revenue and listings to electricity, agricultural commodities, media and data services.
NZX shares last traded at $2.83 and have gained about 23% this year.
Hannah Lynch
Fri, 04 May 2012
Fri, 04 May 2012
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NZX opts for Nasdaq trading platform system
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