The Singapore stock exchange (SGX) and OMX (OMX) say that they are strengthening their partnership, by working more closely together to provide technology and services for the Singapore capital markets.
The broadened partnership aims to identify and evaluate potential opportunities for trading, clearing and processing for SGX’s market participants.
SGX is already looking to refresh its IT infrastructure for both trading and clearing, with the objective of raising overall efficiency and enhancing service quality to market participants. SGX is exploring the deployment of OMX’s marketplace technology, including clearing and data dissemination applications.
“In building SGX as an enduring marketplace, it is imperative that our IT infrastructure and capabilities stay relevant to meet the demands of higher volumes and more varied product features,” says Hsieh Fu Hua, SGX CEO. “We look forward to providing integrated access to the securities and derivatives trading market, and are happy that our partner, OMX, shares the same vision of convergence in our marketplace.”
Following the development of SGX QUEST, a trading engine for SGX’s securities and derivatives market based on OMX technology, SGX intend to work with OMX on the delivery of an order management system. This is expected to be launched in the second half of 2007.
The development work on SGXTrade will be used as the basis for further development. On that project, OMX plan to work together with Orc Software, a provider of technology for trading and market making. This co-operation is part of a recent agreement between OMX and Orc Software on trading technology.
Magnus Bcker, OMX CEO, says the enlarged partnership with SGX is “an acknowledgement of OMX’s expertise in the exchange industry, as a technology provider to over 60 exchanges in 50 countries and operator of the Nordic Exchange.”