ASTANA – The Astana International Financial Centre (AIFC) and NASDAQ Inc. signed a technology agreement May 29 that will allow the AIFC Exchange to use the NASDAQ matching engine.
“The matching engine will be implemented and go through several rigorous testing and acceptance stages before official deployment,” note NASDAQ officials on its website.
“The NASDAQ machine engine is the most widely-used matching engine in the world that combines extraordinary performance with extensive functionality to cost-effectively meet current and future business and performance requirements. Once the AIFC Exchange goes live, NASDAQ will provide continual maintenance and technical support.”
The AIFC Exchange is scheduled to launch close to the end of this year, according to Managing Director Sayasat Nurbek, and “will initially trade equities and fixed income with other asset classes for future phases.”
“NASDAQ’s matching engine is considered the best trading platform globally and is differentiated by the breadth and depth of its offering, security and functionality. The AIFC authority is pleased to cooperate with NASDAQ in creating the country’s exchange infrastructure,” said AIFC head Kairat Kelimbetov.
The AIFC intends to become a leading international financial hub. The centre will be guided by English common law, while adopting English as the official language.
The institution has been formed to attract foreign investment into the country through the “establishment of an attractive environment for investment in the financial services, to develop local capital markets, to ensure their integration with the international capital market and to develop markets for insurance and banking services and for Islamic financing in Kazakhstan,” according to the AIFC press service.
“NASDAQ is honoured to contribute to the new ‘state-of-the-art’ exchange infrastructure being built by AIFC authority for the Kazakhstan and related international markets,” said NASDAQ Executive Vice President of Market Department Lars Ottensgard.
“By leveraging our NASDAQ financial framework, the AIFC Exchange will be running on ground breaking technology, which will allow for standardised and unified operations coupled with robust flexibility to boost its competitive proposition in a rapidly evolving international marketplace. We look forward to partnering and supporting AIFC in this exciting new development,” he added.
NASDAQ is a leading provider of trading, clearing, exchange technology, listing, information and public company services across six continents, according to its official description. “Through its diverse portfolio of solutions, the exchange enables customers to plan, optimise and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets,” it notes. As the creator of the world’s first electronic stock market, its technology powers more than 70 marketplaces in 50 countries and one in 10 of the world’s securities transactions. NASDAQ is home to more than 3,600 listed companies with a market value of approximately $9.6 trillion and more than 10,000 corporate clients. It provides information, such as free stock quotes, including official open and close prices.