The new technology platform will include a trade reporting system for the electronic communications network (ECN) being established in Australia by NZX and five major banks. NZX announced its intention last month to establish the ECN with its banking partners during the first half of 2007.
Under the deal, Trayport will provide NZX with its GlobalVision Exchange Trading System, to be implemented in 2007.
âThe key consideration for NZX was to build flexibility into our trading system so as to allow us to add new products and features without the need for expensive bolt-ons. The Trayport system will deliver flexibility and proven performance. It will enable us to support our existing clients and markets while anticipating and responding to new market initiatives,â said NZX Manager, Market Technologies Martyn Bain.
NZX will be working closely with NZX participants and systems providers over the coming months to map out their exact requirements.
Edmund Hor, CEO of Trayport, said, âWe are extremely pleased to announce our partnership with NZX and to be associated with their new venture into the Australian equities market. We believe our platform will provide NZX with the flexibility to evolve and innovate as their business and markets develop.â
Trayport software powers 49 markets worldwide and NZX is its fifth regulated exchange client.