Abu Dhabi Securities Exchange (ADX) will migrate to its new trading system – X-stream – at the end of January following a successful trial, Wam reported yesterday.
The mock session was conducted to ensure brokerages and their internal systems were prepared for X-stream. The implementation of the system will allow ADX to take a big step towards modernising the stock market and improving its performance.
The new system is said to offer “multiple functionality and flexibility”.
“We are committed to becoming one of the most innovative exchanges in the region and across the world,” said Ghanem Hamad Al Dhaheri, the deputy chief executive of ADX.
ADX said that it would conduct two more trials – one this month and another in January.
The system is designed to support the increasing volume of trading on the exchange as well as the simultaneous trading of multiple products including equities, debt, exchange traded funds, futures, forwards and options.
The migration to X-stream is an important step in ADX’s ambition to become a capital market hub, able to host and facilitate other regional markets.
The upgrade will provide ADX with a high-end, multi-asset trading platform that complies with international standards.
“Upgrading our trading technology and continuing our partnership will assist us to become a financial centre for more regional and global businesses.
“We aim towards the development of new platforms for settlement and trading, which is in line with the economic vision for the emirate of Abu Dhabi 2030 towards the promotion of sustainable development in the emirate,” Mr Al Dhaheri said.
