Abu Dhabi Securities Exchange Goes Live with New Trading System

Abu Dhabi Securities Exchange (ADX) announced that it has gone live on a new trading system as of 17 April. X-Stream Trading, developed by Nasdaq OMX, is the most widely-used exchange trading system in the world.

NASDAQ OMX has been providing ADX with technology support since the latter’s inception in 2000. In May 2012, ADX signed an agreement that extended the existing management contract with NASDAQ OMX for a further five years, and for the upgrade to X-Stream Trading.

X-Stream Trading is a multi-asset trading platform that complies with international standards and policies. ADX said the new platform would improve its trading performance and transparency, and ensure low latency in pre- and post-trade or “at trade” risk management checks. It should also allow faster back office reconciliation of transactions.

The platform will also support market making activity as well as transactions of fixed income and ETF instruments, while providing the scalability to allow additional instruments to be added at a later date. The new platform will allow ADX to handle an unlimited number of indices.

Rashed Al Baloushi, chief executive officer (CEO) of ADX, said that making X-Stream available to his organization’s stakeholders takes ADX to a completely new operational level and prepares the way for the next stage in its development. “The launch of X-Stream is the culmination of a vast amount of work done by both ADX and our partners at NASDAQ OMX to achieve a faultless transition,” he said. “This is not just about the adoption of world class technology – it is about the aspirations of ADX to be a world class window for investors into the opportunities that Abu Dhabi offers.”

The implementation of X-Stream Trading coincides with the introduction of a new communication system – FIX 5.0 – between ADX and brokers which allows greater two way communication with the new trading system. ADX is the first exchange in the region to go-live with the in memory vetting model of X-Stream trading.

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