According to the terms of the deal, NASDAQ OMX will replace NSE’s existing NASDAQ OMX platform (Horizon) with a new one powered by its proven X-stream technology, expected to be install at NSE by June 2013.
The upgrade of the trading platform with X-stream technology will enable the NSE to work on modern and multi-asset trading platform, which meets the international standards.
NSE CEO Oscar Onyema said through the firm’s commitment to world-class technology the company is setting the foundation for developing NSE to a West African financial hub.
"Moreover, with our new advanced platform in place we can broaden our product-base as well as build the capacity to offer hosting services to other exchanges in the region," Onyema said.
NASDAQ OMX Market Technology senior vice president Lars Ottersgard said the firm congratulates NSE on their commitment to a trading platform that is certain to put them at the technology forefront of exchanges in Africa.
"The upgrade to X-stream technology will equip NSE with a sophisticated and functionality rich trading platform that acts to increase investor awareness both in Africa and internationally," Ottersgard added.
