The Nigerian Stock Exchange Deepens its Technology Partnership with NASDAQ

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

The Nigerian Stock Exchange Deepens its Technology Partnership with NASDAQ

December 21, 2018

stockThe NSE will able to utilize Nasdaq’s matching engine technology for its equity and fixed income market for an additional five years.

US stock exchange NASDAQ, also a financial technology provider and Nigerian Stock Exchange (NSE) has signed a new technology agreement on Thursday. According to the agreement, MSE will continue to utilize Nasdaq’s matching engine technology for its equities and fixed income market segment for an additional five years.
The agreement also encompasses NSE to continue to leverage NASDAQ’s SMARTS Market Surveillance technology that allows exchanges to monitor market manipulation including spoofing and layering.
Oscar Onyema, OON, the Chief Executive Officer of NSE commented:
“We are delighted to extend our matching engine technology contract with Nasdaq. Adopting best in class technology is vital for running our modern and competitive market as well as allowing us to stay agile in the face of an evolving ecosystem. The Exchange intends to remain at the forefront of innovation and will actively seek ways to leverage new technologies to drive the growth and development of our market”.
Nigeria Stock Exchange was founded in 1960 and services the largest economy of Africa continent. The exchange has been a client of NASDAQ since 1997. Speaking on the association with NSE, NASDAQ’s Senior Vice President in Market Technology Division, Paul McKeown said:
“Over the course of our relationship, NSE has made—and continues to make—significant strides in innovation and revolutionizing Africa’s capital markets.”
“By continuing to utilize the Nasdaq Matching Engine, NSE is supporting African investors in creating durable wealth in the Nigerian market, while providing seamless market access to international investors by leveraging our technology’s industry-standard connectivity protocols. We look forward to partnering with NSE in the years ahead.”
Moscow Exchange Providens Access to Global Liquidity
The Moscow Exchange (MOEX) has announced that it will start offering OTC transactions in the EUR/USD pair based on its infrastructure and FX Market interfaces. The exchange has also added the GBP/USD currency pair and the technology for access to global liquidity providers will be provided by Integral. The National Clearing Center will clear and settle the transactions as the central counterparty.
Commenting on the development, Igor Marich, Managing Director of the Money and Derivatives Markets at Moscow Exchange said:
“Our efforts are aimed at providing clients with access to global FX liquidity while allowing them to keep our regular infrastructure interfaces, the benefits and comfort of the central counterparty and our low costs. The new service will improve the quality of the market and facilitate opportunities for our participants. In the future we plan to add additional FX instruments to this program.”

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