Following Dubai Financial Market's (DFM) acquisition of two thirds of the shares of NASDAQ Dubai from NASDAQ OMX and Borse Dubai, NASDAQ Dubai outsourced trading in its listed equities to DFM's X-Stream technology platform which went live on July 11. Working closely with the exchanges, Fidessa met challenging timescales to ensure that its trading system was fully compliant, enabling its clients in that region to go live seamlessly on the new infrastructure from day one.
Ian Salmon, Head of Enterprise Business Development at Fidessa, commented: âWe have been supporting several NASDAQ Dubai members for a number of years and it is pleasing to have met the aggressive timescales and specific requirements associated with this significant transition so comfortably. Working very closely with NASDAQ Dubai has undoubtedly played a big part here, and the project as a whole is a further sign of Fidessaâs firm commitment to the Middle East region. Our aim is to achieve comprehensive regional coverage, and the successful completion of this work takes us a step closer to realising that.â
Dean Noble, Head of Market Operations at NASDAQ Dubai, added: âDFM and NASDAQ Dubai have both achieved notable success as listing and trading venues, but with different approaches. The outsourcing of NASDAQ Dubaiâs trading and other market operations functions to DFM has enabled each to benefit from the otherâs strengths. This move will build critical mass for Dubaiâs capital markets more quickly, providing a powerful trading hub for the GCC and the wider Middle East region.â
In the last twelve months Fidessa has expanded the range of services it offers across the Middle East. The company announced earlier this week that NCB Capital has selected its sell-side trading platform to support its retail and institutional client operations on the Saudi stock market, as well as its global trading activities. Fidessa has also signed brokers such as EFG Hermes and Mubasher Financial Services to its global connectivity network, one of the largest and most diverse trading communities in the world, linking more than 2,400 buy-side institutions, 530 brokers and 130 markets across Europe, the Middle East, Asia Pacific and the Americas.
Fidessa group serves around 25,000 users across more than 850 clients around the world and its products are used by more than 85 per cent of tier-one financial institutions.