Panamanian stock exchange Bolsa de Valores de Panamá (BVP) has launched a new trading platform based on Nasdaq’s matching engine technology.
Nasdaq’s technology will allow the exchange to leverage the modular functionality to offer additional services to its clients and thus meeting its strategic growth plans, according to BVP.
Commenting on this development, Olga Cantillo, CEO of BVP, said: “After the implementation work during 2018, we are very pleased and proud to launch our new Nasdaq matching engine trading system. This important investment, crucial for our strategic plan with the aim of positioning ourselves as the regional capital market hub, confirms our commitment to the Panamanian capital market and the development of our country’s economy.”
“This achievement has been thanks to the support of Nasdaq, the high sense of commitment and teamwork of our employees and the brokers of our stock exchange, who also supported us with their recommendations, feedback, training and time,” she added.
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Nasdaq’s technology is currently used by more than 250 financial institutions including broker-dealers, exchanges, clearinghouses, central securities depositories and regulators in 50 countries.
The US-based fintech giant is expanding its business around the globe. Last year, Nasdaq tied up with SIX, a major provider of clearing services in Europe, to provide risk management services. It also acquired Cinnober, a Swedish fintech provider to brokers, exchanges, and clearinghouses.
“BVP has shown significant commitment in becoming a central player in positioning Panama as a major capital markets hub in Latin America,” said Carlos Patino, Nasdaq’s head of market technology in Latin America. “By launching their exchange on Nasdaq’s matching engine technology, they will be offering the market a world-class matching engine with capabilities to expand, grow and be a key driver of the Panamanian economy.”
Sustainable Stock Exchange
Last year, BVP announced that it would follow the steps under the Sustainable Stock Exchanges (SSE) initiative launched by the Secretary-General of the United Nations in 2009. It became the eighth Latin American country to follow the initiative.