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Trading at DFM shifted smoothly from the previous Horizon system to X-Stream. DFM is the first regional market in the GCC to adopt this highly sophisticated trading system, with the exception of Nasdaq Dubai which operates the same system. The two leading exchanges in the region are involved in discussions to consolidate post trading operations, a goal that will be much easier to achieve through DFM's deployment of its new system.
Commenting on this development, Hassan Al Serkal, Chief Operating Officer, DFM, said:
"With X-Stream in place, DFM can now execute more than 720,000 orders per session and more easily introduce new instruments such as ETFs (Exchange Traded Funds). The new system is described as a reliable, high performance platform that is widely used among leading exchanges across the world. Furthermore, the ability to integrate new business functions allows the trading system to evolve quickly and effectively in response to competitive and regulatory requirements. By utilizing the best technological advancements, DFM aims to swiftly serve its clients' needs through an ultra fast and efficient platform."
"As we all know, the trading system is at the heart of any exchange and the shifting to the new platform and ensuring its smooth functionality, was a key priority for the business. We are extremely delighted to cooperate with Nasdaq OMX to adopt this cutting-edge platform. I would like to take this opportunity to extend a sincere thanks to Nasdaq OMX for their exceptional efforts in providing us with this high capacity system that will play a key role in our ongoing development plans and reinforce DFMs position as the leading exchange and market of choice in the GCC," Al Serkal added.
"With Nasdaq OMX's technology in place, we are at the forefront amongst financial markets in the GCC. The system is designed to support the simultaneous trading across multiple product classes in the market which will allow DFM to meet future needs. We are confident that we will be in an ideal position to cater for the huge expansion of trading activities of stocks and bonds or any other potential instruments to be traded at DFM in the future," he concluded.
Lars Ottersgård, Senior Vice President, Nasdaq OMX Market Technology, said, "The launch of DFM's new system marks an important day in Dubai's exchange history, and will act as a driver of the development of the regional marketplace. Through its system upgrade DFM is now able to offer its members significant capacity and latency advantages that will act as a catalyst to a more efficient, liquid and thus attractive market."
DFM-licensed brokers have gone through an extensive training programme to operate the system. Recently, DFM organized a second round of training for brokers with 20 workshops that attracted 140 attendees from over 40 companies. In total, DFM organized training sessions for over 200 trading managers representing 99 brokerage firms, in addition to this, key personnel from the brokerage firms were trained as 'super users' who could then train their colleagues internally. Moreover, 76 trading simulation sessions were organized in addition to open Q&A sessions to resolve any queries that arose from the brokerage firms.
The major exchanges which are using the same system includes; Nasdaq-Dubai (UAE), EGX (Egypt), ICAP (UK), SIX (Switzerland), CNQ (Canada), IDX (Indonesia), BVC (Colombia), Moscow Interbank Currency Exchange (Russia), Plus Markets Group (United Kingdom)and Zagreb Stock Exchange (Croatia), among many others. Recently, Nasdaq OMX was awarded a contract to deliver the trading platform X-Stream to the Kuwaiti Stock Exchange.
Posted by Siba Sami Ammari
