The NASDAQ OMX Group, Inc. announced that it has signed an agreement with the Kuwait Stock Exchange (KSE) to provide trading technology and strategic advisory services to its exchange. As part of a joint venture to develop the Kuwait capital market, NASDAQ OMX will deliver technology for trading, surveillance and market data to KSE. KSE marks NASDAQ OMX’s eleventh technology customer in the Middle East region.
Under the agreement signed in Kuwait City, NASDAQ OMX has committed to provide strategic advisory services to the KSE management team, with the objective to support the exchange’s compliance with international standards and its contribution to development of the national capital market. A critical part of this initiative is the implementation of a new electronic trading platform at KSE. The trading platform will be used for equities, bonds and derivatives. Roll out of initial product classes is scheduled for the first half of 2011.
Since January 2009 NASDAQ OMX has a regional office in Dubai driving new business endeavours and supporting existing customers in the Middle East, Africa and South Asia region.