The Nigerian Stock Exchange (NSE) will upgrade its existing platform, NASDAQ OMXs Horizon, in the first half of next year to NASDAQ OMXs multi-asset trading solution X-stream.
The upgrade will cost NSE $2 million, according to local news media, and make NSE one of the fastest trading engines in Africa.
NSE says it hopes the migration to X-stream will further its ambitions to make it a hub able to host and facilitate other regional markets in West Africa.
NASDAQ OMX has been delivering trading technology to NSE since 1997.
“Through our commitment to world-class technology we are setting the foundation for developing NSE to a West African financial hub, says Oscar Onyema, CEO at NSE. 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.”
Lars Ottersgard, senior vice president of NASDAQ OMX Market Technology, adds: “We congratulate 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.”
(CG)