The Nigerian Stock Exchange (NSE) has signed an agreement with the the global firm NASDAQ OMX on the upgrading of its current trading platform, Horizon, to the cutting edge NASDAQ X-Stream.
”The new Trading Platform will enable the Nigerian Stock Exchange have the fastest trading engine in Africa, and investors, through their stockbrokers, will have real-time access to market prices, their portfolios and be enabled to execute market orders in near real-time from anywhere and on a wide range of devices including smart phones,” NSE’s Chief Executive Officer Oscar Onyema told journalists after the signing.
NASDAQ X-Stream platform is considered by market analysts as a high performance, robust and multi-market matching trading engine.
It is currently being used in over 94 exchanges around the world.
The new platform, which cost the NSE US$2million, will become operational in the second quarter of 2013.
The agreement was signed on behalf of NASDAQ OMX by Vice Chairman Sandy Frucher and President, Market Technology of the company, Lars Ottersgard, while NSE’s CEO and Executive Director, Market Operation and Technology, Mr. Adeolu Bajomo, signed on behalf of the Exchange.
The new system is also expected to improve transparency and provide efficient price discovery in the market.