OMX and TLX have extended their technology partnership until 2012, with OMX continuing its delivery and operations of trading systems to TLX, and will also expand the service to include an online surveillance system from SMARTS. The agreement aims to further strengthen TLX’s competitive position in a pan-European market under the recently implemented MiFID directive. The terms of the contract include license, project and support, as well as full facilities management services including technical operations. In addition to trading, the new agreement will encompass a real-time surveillance system from OMX sub-contractor and strategic partner SMARTS Group. The system is scheduled to be operational at TLX in the summer of 2008.
The core objective of the partnership is to create a strong technological platform on which to reinforce TLX’s competitive position in a pan-European marketplace driven by the recently enacted MiFID legislation. Through operating its exchange on high-end trading and surveillance systems puts TLX in a strong position to capitalize on opportunities resulting from a single European market subject to the same rules and regulations.
Operating our exchange on proven and sophisticated platforms from OMX and SMARTS Group allows us to take advantage of new business opportunities in Italy and the rest of Europe offered through the MiFID legislation. Ultimately this will enable us to serve our customers more efficiently and with a broader and more customized offering, thus strengthening our position as the reference market at European level for retail investors,” says Alessandro Zignani, managing director, TLX.
“Our long relationship with TLX has resulted in a deep understanding of how to deliver technology that matches both their strategy and business ambitions. By being an early adopter and leveraging from the new European legislation such as MiFID, TLX is now well positioned for growth, something we look forward to being a part of through our partnership,” says Markus Gerdien, vice president, OMX Technology.
“We are excited to be a part of this agreement, and look forward to supporting OMX in the implementation of TLX’s new surveillance system. Our system provides a mature and innovative solution for TLX’s current and future business growth needs for both real-time market surveillance and historical data-mining, and will help them gain competitive advantages in the new pan-European marketplace,” adds Magnus Almqvist, genberal manager, SMARTS Group Europe.