The Egyptian Exchange (EGX) has agreed to renew the current integration of NASDAQ OMX’s X-stream trading technology to 2020 in a bid to keep the exchange’s trading capabilities for another six years.
The current partnership between NASDAQ OMX’s X-stream technology and the EGX was culminated in 2008, allowing for the full support of the EGX trading platform. The EGX is one of the Middle East’s oldest and most established exchanges, having provided clients with NASDAQ-related technology since 1999.
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According to Mohammed Omran, Executive Chairman of EGX, in a recent statement on the trading deal, “We are pleased with the successful, lasting relationship with NASDAQ OMX who has consistently supported our growth and sustainability as an important marketplace in our region. As we continue to evolve our business as the center point of Egypt’s financial economy, we want the finest technology and resources available for our market participants. Working with NASDAQ OMX meets this demand head on.”
“NASDAQ OMX is proud to continue the renewed trust and engagement in our successful cooperation with EGX over the many years. EGX operates in one of the most dynamic, ever-changing regions of the world and is a crucial element to its financial and economic success to investors domestic and foreign alike. We look forward to continuing this relationship with them,” added Lars Ottersgard, Senior Vice President and Head of Market Technology at NASDAQ OMX, in an accompanying statement.