Hong Kong Exchange Renews Contract With NASDAQ OMX And Upgrades To INET-Based Trading Platform
The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) announces that the Hong Kong Exchanges & Clearing Ltd (HKEx) will upgrade its derivatives trading system (HKATS) and clearing system (DCASS) to NASDAQ OMX's Genium INET technology. In addition HKEx has extended its support contract with NASDAQ OMX for a further five years. The platform upgrade is scheduled to be in effect by fourth quarter of 2013.
The Genium INET powered platform will provide HKEx with integrated trading and clearing of a wide range of derivatives including financial index futures and options, stock futures and options, currency futures, interest rate futures, fixed income futures, commodity futures, volatility index futures and dividend futures. Moreover, the Genium INET technology will provide HKEx with microsecond latency and significant throughput improvements. The HKEx derivatives market has been operating on NASDAQ OMX trading technology since 1994.
Bill Chow, Chief Technology Officer of HKEx, said: "Our adoption of the Genium INET technology will move our long and fruitful partnership with NASDAQ OMX into the next phase and strengthen the global competitiveness of the Hong Kong capital market. We are excited to roll out a new derivatives trading and clearing platform at HKEx and we are confident it will benefit HKEx Participants and investors alike."
Lars Ottersgard, Senior Vice President NASDAQ OMX Market Technology, commented: "HKEx has always been at the forefront of technology and we congratulate them on their commitment to the world's most sophisticated trading and clearing platform. As one of the largest and most advanced financial markets in the world, HKEx and its participants and investors will enjoy significant performance and capacity benefits from our Genium INET technology, putting them on the path for continued growth."