NEW YORK and HONG KONG, Nov. 6, 2013 (GLOBE NEWSWIRE) -- Hong Kong Exchanges and Clearing Limited (HKEx) announced the successful launch of NASDAQ OMX's (Nasdaq:NDAQ) trading and clearing exchange technology platform, Genium INET, for HKEx's derivatives market. The launch, which occurred in mid-October, was a full month-and-a-half ahead of the original planned roll-out schedule.
"A key factor in making our launch successful was the ability to establish a true partnership with NASDAQ OMX," said Bill Chow, Chief Technology Officer, HKEx. "The new project methodology with early joint testing proved to be highly effective and an important element in the delivery approach, resulting in high quality and close collaboration between the delivery teams. This ultimately contributed to shortening the time to market. We are very proud of this launch."
The system upgrade multiplied the clearing and trading capacity, equipped the Hong Kong Futures Automatic Trading System (HKATS) with ultra-low-latency trade processing capability and improved Derivatives Clearing and Settlement System's (DCASS) clearing processing by shortening batch running times. Additionally, new central gateways for exchange and clearing participants were introduced to reduce the hardware footprint and network bandwidth requirements at participants' premises. The new platform also offers new functionalities such as Tailor-Made Combination (TMC) orders, a new trading function for investors to execute option strategies with multiple legs at one net price, with auto-matching capability.
"We are very proud of this significant launch and delivery in both the major technology improvements to HKEx derivatives market systems and developing true teamwork between the two organizations leveraging our new Genium project methodology," said Lars Ottersgård, Senior Vice President, Market Technology, NASDAQ OMX. "HKEx is one of the largest and most advanced financial markets in the world and growing. HKEx, its participants and investors will enjoy a significant performance and capacity boost from our Genium INET technology, and it has been a true pleasure supporting HKEx's technology initiatives."
About NASDAQ OMX:
The inventor of the electronic exchange, The NASDAQ OMX Group, Inc., fuels economies and provides transformative technologies for the entire lifecycle of a trade - from risk management to trade to surveillance to clearing. In the U.S. and Europe, we own and operate 26 markets, 3 clearinghouses and 5 central securities depositories supporting equities, options, fixed income, derivatives, commodities, futures and structured products. Able to process more than 1 million messages per second at sub-40 microsecond speeds with 99.99% uptime, our technology drives more than 70 marketplaces in 50 developed and emerging countries into the future, powering 1 in 10 of the world's securities transactions. Our award-winning data products and worldwide indexes are the benchmarks in the financial industry. Home to approximately 3,400 listed companies worth $6 trillion in market cap whose innovations shape our world, we give the ideas of tomorrow access to capital today. Welcome to where the world takes a big leap forward, daily. Welcome to the NASDAQ OMX Century. To learn more, visit www.nasdaqomx.com. Follow us on Facebook (http://www.facebook.com/NASDAQ) and Twitter (http://www.twitter.com/nasdaqomx). (Symbol: NDAQ and member of S&P 500).
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about Genium INET and NASDAQ OMX's other products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to factors detailed in NASDAQ OMX's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
CONTACT: NASDAQ OMX Media Contact: Ryan Wells (212) 231-5541 (office) (646) 581-4286 (mobile) Ryan.Wells@NASDAQOMX.com
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