DUBAI & LONDON, Thursday, July 15th 2010 [ME NewsWire]:
(BUSINESS WIRE)-- Fidessa group plc (LSE:FDSA), provider of award-winning trading, market data and global connectivity solutions for the buy-side and sell-side, today announced that a number of its clients have deployed the Fidessa sell-side order management system to trade NASDAQ Dubai equities from day one of trading on DFM's X-Stream trading platform.
Following Dubai Financial Market's (DFM) acquisition of two thirds of the shares of NASDAQ Dubai from NASDAQ OMX and Borse Dubai, NASDAQ Dubai outsourced trading in its listed equities to DFM's X-Stream technology platform which went live on July 11. Working closely with the exchanges, Fidessa met challenging timescales to ensure that its trading system was fully compliant, enabling its clients in that region to go live seamlessly on the new infrastructure from day one.
Ian Salmon, Head of Enterprise Business Development at Fidessa, commented: “We have been supporting several NASDAQ Dubai members for a number of years and it is pleasing to have met the aggressive timescales and specific requirements associated with this significant transition so comfortably. Working very closely with NASDAQ Dubai has undoubtedly played a big part here, and the project as a whole is a further sign of Fidessa’s firm commitment to the Middle East region. Our aim is to achieve comprehensive regional coverage, and the successful completion of this work takes us a step closer to realising that.”
Dean Noble, Head of Market Operations at NASDAQ Dubai, added: “DFM and NASDAQ Dubai have both achieved notable success as listing and trading venues, but with different approaches. The outsourcing of NASDAQ Dubai’s trading and other market operations functions to DFM has enabled each to benefit from the other’s strengths. This move will build critical mass for Dubai’s capital markets more quickly, providing a powerful trading hub for the GCC and the wider Middle East region.”
In the last twelve months Fidessa has expanded the range of services it offers across the Middle East. The company announced earlier this week that NCB Capital has selected its sell-side trading platform to support its retail and institutional client operations on the Saudi stock market, as well as its global trading activities. Fidessa has also signed brokers such as EFG Hermes and Mubasher Financial Services to its global connectivity network, one of the largest and most diverse trading communities in the world, linking more than 2,400 buy-side institutions, 530 brokers and 130 markets across Europe, the Middle East, Asia Pacific and the Americas.
Fidessa group serves around 25,000 users across more than 850 clients around the world and its products are used by more than 85 per cent of tier-one financial institutions.
About NASDAQ Dubai
NASDAQ Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, exchange-traded commodities, structured products, Sukuk (Islamic bonds) and conventional bonds.
The majority shareholder of NASDAQ Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of NASDAQ Dubai is the Dubai Financial Services Authority (DFSA). NASDAQ Dubai is located in the Dubai International Financial Centre (DIFC).
www.nasdaqdubai.com
About Fidessa group
Fidessa group is the leading supplier of multi-asset trading, portfolio analysis, decision support, compliance, market data and connectivity solutions for firms involved in trading the world’s financial markets. Fidessa’s products and services are built on the simple vision of making it easier to buy, sell and own financial assets of all types on a global basis.
PEDIGREE
A dynamic, growing company with a proven track record, Fidessa is recognised as the thought leader in the marketplace, with an unrivalled set of products and services which set the benchmark for this industry and, uniquely, serve both the buy-side and sell-side communities globally.
EXPERIENCED
With over 28 years’ experience delivering powerful, resilient, mission-critical systems, Fidessa develops all its products itself from the ground up, investing heavily in their continual evolution. The resulting leading-edge, truly integrated solutions have established Fidessa as the industry’s number one choice, and are used by over 85% of tier-one, global financial institutions.
SCALE
Headquartered in London and with regional operations across Europe, North America, Asia, and the Middle East, Fidessa supports 25,000 users across 850 clients, serving a broad spectrum of customers from major investment banks and asset managers through to specialist niche brokers and hedge funds.
ESTABLISHED
Fidessa group is listed on the London Stock Exchange (symbol FDSA) and is a FTSE 250 company. Fidessa has a turnover of around £240m, has delivered 30% compound growth since its 1997 listing and now employs 1,500 people globally.
www.fidessa.com
Fidessa® is a registered trademark of Fidessa Group plc
All product and company names herein may be trademarks of their registered owners
For media enquiries, please contact:
Fidessa
Simon Barnby
+44 20 7105 1250
simon.barnby@fidessa.com
Aspectus PR (for Fidessa)
Alastair Turner/Ellie Bacon
+44 20 7182 4081
fidessa@aspectuspr.co.uk
NASDAQ Dubai
Mark Fisher
+971 4 3612220
Mob: +971 50 6245805
mark.fisher@nasdaqdubai.com
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