Efforts by the NSE to purchase a new trading platform were intensified last year by the former Interim Administrator, Mr. Emmanuel Ikazoboh.
The Exchange finally settled for NASDAQ as the supplier of the new trading platform.
Before choosing NASDAQ, Ikazoboh had explained that considerable research and market analysis went into the selection process in order to ensure that they secure a platform that would employ up-to-date technology and had the capacity required in the market now and in the future.
According to him, the platform the Exchange would purchase would be compatible in all material aspects to those used in other exchanges such as the New York Stock Exchange and the London Stock Exchange.
THISDAY checks revealed that the final contract was delayed until the new Chief Executive Officer(CEO) and Executive Director (ED) were appointed as their inputs were needed.
Market sources said that since the assumption of office of the NSE CEO, Mr. Oscar Onyema, he had been studying the terms of agreement entered into with NASDAQ on the new platform, with a view to getting a better value proposition.
It was gathered that having made the necessary adjustment in the agreement, the NSE is now moving on the finalise the agreement for the new platform.
The ED, Market Operations and Information Technology of NSE, Mr. Ade Bajomo was said to have travelled to meet with NASDAQ officials in this regard.
Confirming this development to THISDAY, Onyema said “we are in discussions with NASDAQ OMX to finalise the contract for the new platform.”
NASDAQ is an American-based stock exchange and is the second largest stock exchange in the United States (US) in terms of value. NASDAQ has been supplying platforms to Exchanges across the world.
In June 2010, for instance, it announced the delivery of an ultra -low latency trading platform to Singapore Exchange(SGX). The new trading platform, named SGX Reach, is powered by NASDAQ OMX's Genium INET, the fastest trading technology in the world.
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