Dubai Financial Market signs OMX to deliver cutting-edge X-stream trading system

Under the terms of the contract, OMX will be the system provider for the license, customization, implementation and support of DFM's new high performance trading system platform, the OMX X-stream.

X-Stream is a high performance, fault tolerant exchange trading system that offers rich functionality and maximum flexibility to drive the operational efficiencies and achieve competitiveness in the 21st century financial trading environment. The system offers an exceptional software performance with processing rates of several thousand orders per second and exceptional response times.

Says Essa Kazim, Director General, DFM:

'The new trading platform is part of our overall strategy to continuously invest and enhance our IT infrastructure. DFM has grown from strength to strength - 2000 trades a day five years ago to 20000 trades a day currently. Taking cue from past experience, DFM expects trade volumes to grow exponentially in the near future and our IT investments are planned for the anticipated growth.'

'The new fully integrated trading platform will enable DFM to take the next big leap in modernizing the stock market and improving its performance,' Kazim added.

Magnus Bocker, CEO of OMX AB said: 'To be chosen to deliver the trading technology to DFM is an acknowledgement of our position as a leading global provider of market technology. Equally as important, it is an opportunity to strengthen our position in the Middle East, which is highly interesting growth region for OMX.' He added: 'This is the continuation of a technology partnership to further develop both parties and in particular contributing to develop the financial markets in Dubai.'