Nasdaq (Nasdaq: NDAQ), one of the most recognized providers for trading, clearing and exchange technology signed a new agreement with IRGiT (Izba Rozliczeniowa Gield Towarowych S.A.) or the Warsaw Commodity Clearing House, according to a Nasdaq statement.
The primary goal of the new partnership will be the upgrade of IRGiT’s post-trade platform to Nasdaq’s X-stream Clearing technology – previously, IRGiT relied on the legacy engine from Condico Clearing. Both companies are targeting a mid-2016 date for the consummation of the upgrade.
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In addition, the new technology upgrade will afford IRGiT an improved level of functionality, offering scalability to its clearing capabilities to a multitude of other asset classes, including commodities.
According to Lars Ottersgård, Executive Vice President and Head of Nasdaq Market Technology in a recent statement on the partnership, “We are proud to support IRGiT’s post-trade development and their focus on providing a high performance, reliable clearing house to its market players. With this new technology upgrade, IRGiT is in strong position to execute on their expansion vision, and Nasdaq looks forward to continuing this journey with them.”
Earlier this month, Nasdaq lost its Senior Vice President of market systems, Ann Neidenbach, who parted ways with the group for Convergex.