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SunGard's GMI helps Nasdaq Dubai customers and exchange members to readily trade and process business on the new exchange.
GMI has been customized to support futures, futures options, stock futures, equity options, Contracts for Differences (CFDs), foreign exchange and dividends listed instruments in the Middle East.
It provides the automation firms require to help trade and process transactions from contract to settlement, providing post-trade processing, margin calculation and quick valuation of derivative transactions for brokers and their clients.
Jeff Singer, Chief Executive of Nasdaq Dubai, said:
"SunGard's GMI offers an efficient, fast and cost-effective processing service for our international and regional members. GMI's support will help encourage further growth in our derivatives market, which has expanded substantially since it launched in November 2008."
Gerry Murphy, President of SunGard's brokerage and clearance business said, "SunGard's customers already have the ability to use GMI on more than 100 exchanges globally, and we are pleased to add Nasdaq Dubai as the first exchange with equity derivatives to offer GMI processing in the Middle East."
"GMI provides an intuitive platform that will help customers manage their trading activity on the exchange. GMI remains at the forefront of expanding support of new exchanges around the world, having added 22 over the last two years. SunGard's Middle East regional headquarters in Dubai International Financial Centre (DIFC) and Dubai Knowledge Village further expands our regional implementation, support and business development within the region," Murphy added.
Nasdaq Dubai is the only United Arab Emirates exchange that trades equity derivatives. It launched the market in November 2008 by listing futures on the FTSE Nasdaq Dubai UAE 20 index and on 20 individual stocks listed on Nasdaq Dubai, the Dubai Financial Market and the Abu Dhabi Securities Exchange. In April 2009 Nasdaq Dubai added an equity options service.
Posted by Rana Mesbah
