STOCKHOLM, Sweden, Dec. 12, 2008 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and the Egyptian Exchange (EGX) reported the successful launch of EGX's new trading system. The recent system launch received immediate positive acknowledgement from participating members and the investing public. The trading engine from NASDAQ OMX replaces EGX's previous system, also from NASDAQ OMX, and is designed to create a more efficient marketplace and trading experience for EGX members.
EGX's new system is built to provide a much larger capacity, reduced cost and ease of operation through a fully integrated trading platform, capable of handling equities, debt, ETFs, futures, options, swaps and derivatives on a single platform. The system also allows the introduction of the market maker system, together with the possibility of having a pre-opening "price discovery" session to help curb share price volatility.
"We are very pleased to have successfully launched a new system that will act as a catalyst for a more efficient, reliable and thus attractive market," said Maged Shawky, Chairman of EGX. "NASDAQ OMX has an unrivalled track record when it comes to exchange technology and we look forward to reaping the rewards of a high-end system that we are confident will help us grow volumes and liquidity at the exchange as well as support the new products that we plan to introduce in the coming years, maintaining EGX's prominence in the region."
"The system launch marks an important milestone for EGX, and proves their commitment to be at the forefront of exchanges in the Middle East and African region," said Lars Ottersgard, Senior Vice President Market Technology at NASDAQ OMX. "It will enhance transaction speed and capacity and allow EGX to quickly and easily introduce new products and instruments."
"EGX now has the technological foundation to drive change and be a financial hub in the region," said Magnus Bocker, President at NASDAQ OMX. "By offering low-latency and capacity advantages to its customers, EGX is in a prime position to further develop the Egyptian securities market as well as respond to the growing international investor interest."
About the Egyptian Exchange (EGX)
EGX, the only registered exchange in Egypt, is the oldest, most open financial market in the Middle East North African (MENA) region. EGX vision is to be the Premier market in the MENA region that best serves its stakeholders, by providing top notch market technology, innovative products as well as a fair, transparent and efficient market place. The Exchange offers trading across multiple asset classes including equities, government bonds, corporate bonds and funds. The market offers no restrictions on foreign securities firms, issuers or investors, with the latter accounting for one third of the trading value on EGX. No dividends/ capital gain taxes or stamp duties are levied on investment in listed companies. EGX secures a good market depth and breadth, together with effective standards for market regulations and proper international reporting standards. Following the recent launch of its new market segment for mid and small cap companies "Nilex," the Exchange will shortly introduce the first ETFs on its CASE 30 Index. The introduction of derivatives and the activation of short selling are also in the pipeline to widen the products range offered to market participants.
EGX is currently a Board member of the World Federation of Exchanges, confirming its compliance to international standards. For more information, please visit: www.egyptse.com.
About the NASDAQ OMX Group
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with over 3,900 listed companies. NASDAQ OMX Group offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; NASDAQ OMX Nordic, including First North; NASDAQ OMX Baltic and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs. NASDAQ OMX Group technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX Group exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit www.nasdaqomx.com.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about NASDAQ OMX's products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to factors detailed in NASDAQ OMX's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements. There can be no assurance that the FSA will give the NASDAQ OMX applicant the authorization and permissions which it seeks.
NDAQF