Petaling Jaya (The Star/ANN) - Malaysian stock exchange Bursa Malaysia has picked NASDAQ OMX Group Inc, the world's largest exchange company, as its technology partner for securities trading.
The stock exchange will use NASDAQ OMX's X-Stream INET platform to handle trading of equities, fixed income, exchange-traded fund, funds, and issuer warrants for Bursa Malaysia.
"X-Stream INET's system robustness and speed will drive exchange innovation for Bursa Malaysia to attract a variety of market participants and create innovative products and services to match international demand.
"The deployment is scheduled during the first quarter of 2014," the stock exchange said in a statement, adding that NASDAQ OMX was selected in competition with a number of global exchange technology providers.
Bursa chief executive officer Tajuddin Atan said: "As we aimed to complete a major technology refresh for our securities market and build on our overall strategic business roadmap, we wanted a trading technology that would satisfy our demands and desire for growth.
"Selecting NASDAQ OMX's X-Stream INET was a sign of this commitment to our customers and our growth towards becoming the centre of Asean's multinational marketplace."
He continued, "We feel we have chosen the right partner for our future and look forward to a successful implementation of X-Stream INET."
X-stream is used by 22 exchanges globally and was recently named the world's fastest trading system by independent latency measurement specialists.
The NASDAQ OMX Group owns and operates 24 markets, three clearing houses, and five central securities depositories spanning six continents.