The Nasdaq OMX Group, Inc. today announced it has signed a contract with the Tokyo Commodity Exchange and NTT Data to provide an integrated trading and clearing system for commodity derivatives.
The contract with TOCOM represents Nasdaq OMX’s first technology customer in Japan and its first major technology contract since its merger. The new system is scheduled to roll out in May 2009.
The integrated trading and clearing system delivered to TOCOM by Nasdaq OMX is based on an open architecture with straight-through-processing capabilities that enable the entire trade process to be conducted electronically.
TOCOM is Japan’s largest commodity exchange with more than 75% market share, and lists commodities futures and options contracts, including metals, oil and rubber.
Separately, Nasdaq OMX announced that it has filed an application with the UK Financial Services Authority for the Nasdaq OMX Pan European Market to become a multilateral trading facility.
The firm says that the market will enable best execution in high volume securities trading in a cross-border, multi-market environment. The market, which will be the first platform to connect European liquidity pools with Pan-European routing, is scheduled to open in September. At its launch it will trade approximately 300 of the most actively traded European blue chip shares.
The launch of the Nasdaq OMX Pan European Market is subject to FSA approval.
“We have received a very positive response to the announcement of our Pan European Market, which will be the first trading platform to link major European liquidity pools. Filing our FSA application is an important step in our progression and we look forward to bringing increased competition and a new and better trading experience to these markets,” commented Bob Greifeld, chief executive officer of Nasdaq OMX.
Nasdaq OMX signs contract with Tokyo Commodity Exchange
Files FSA application for pan-European market
- By: James Langton
- April 17, 2008 December 14, 2017
- 09:20