The Iraq Stock Exchange (ISX) has reached an agreement with Nasdaq OMX Group to replace its current trading platform with OMX platform (Horizon), powered by X-stream technology.
It is most likely that the upgrade process will be completed by June 2014.
Iraq Stock Exchange CEO Taha Abdulsalam said that the upgrade is part of its strategy to emerge as one of the most innovative exchanges in the Middle East and across the globe.
"Upgrading our trading technology and continuing our partnership with Nasdaq OMX is a clear indication to investors, regulators and other exchanges that Iraq will continue to become a financial center for more regional and global businesses," Abdulsalam added.
Following migration to modern and multi-asset trading platform, the ISX will be able to comply with global standards of trading, while increasing the investor involvement both in the Middle East and internationally.
The update is also necessary as ISX has witnessed increase in traded shares by 10 times to over 1.2 billion expected in 2013, while its market capitalization raised more than seven folds during the same period.
Currently, Nasdaq OMX’s X-stream technology is being used by over 25 exchanges internationally.
Nasdaq OMX Group owns and operates 26 markets, 3 clearinghouses and 5 central securities depositories in the US and Europe, which supports equities, options, fixed income, derivatives, commodities, futures and structured products.