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Egypt's stock exchange extends trading technology contract

Egypt's stock exchange extends trading technology contract.

Multinational financial services corporation, NASDAQ OMX, and the Egyptian Exchange (EGX) have agreed to extend the current X-stream trading technology contract to January 2020.

EGX is one of the oldest stock exchanges in the world. It is the only registered stock exchange in Egypt.

Meanhwile, NASDAQ OMX's exchange technology is in operation in over 100 marketplaces across the US, Europe, Asia, Australia, Africa and Middle East.

According to a press statement the two stock exchanges entered into an agreement that EGX would continue using the NASDAQ OMX's X-stream trading technology.

Under the terms of the agreement, NASDAQ OMX will continue to support the EGX trading platform powered by the X-stream trading technology, the statement adds.

"We are pleased with the successful, lasting relationship with NASDAQ OMX who has consistently supported our growth and sustainability as an important marketplace in our region," said Dr. Mohammed Omran, executive chairman of EGX.

"As we continue to evolve our business as the center point of Egypt's financial economy, we want the finest technology and resources available for our market participants. Working with NASDAQ OMX meets this demand head on," Omran said.

Lars Ottersgard, senior vice president and head of Market Technology added, "NASDAQ OMX is proud to continue the renewed trust and engagement in our successful cooperation with EGX over the many years."

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