NEW YORK and WARSAW, Poland, April 15, 2015 (GLOBE NEWSWIRE) -- IRGiT and Nasdaq(Nasdaq:NDAQ) today announced an agreement to upgrade its post-trade platform to Nasdaq's X-stream Clearing technology. Under the terms of the agreement, IRGiT (Izba Rozliczeniowa Gield Towarowych S.A.) or the Warsaw Commodity Clearing House, will replace its existing legacy engine (Condico Clearing) with one powered by X-stream technology. The upgrade is expected to be rolled out by mid-2016.
The new technology upgrade will give IRGiT improved functionality, offering scalability which will offer opportunities to expand its clearing capabilities to a variety of other asset classes, including commodities.
"We are proud to support IRGiT's post-trade development and their focus on providing a high performance, reliable clearing house to its market players," said Lars Ottersgård, Executive Vice President, Market Technology, Nasdaq. "With this new technology upgrade, IRGiT is in strong position to execute on their expansion vision, and Nasdaq looks forward to continuing this journey with them."
Nasdaq's exchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in over 100 marketplaces across USA, Europe, Asia, Australia, Africa and Middle East.
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Nasdaq (Nasdaq:NDAQ) is a leading provider of trading, clearing, exchange technology, listing, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to more than 3,500 listed companies with a market value of over $9.1 trillion and more than 10,000 corporate clients. To learn more, visit http://nasdaq.com/ambition or http://business.nasdaq.com.
IRGiT (Warsaw Commodity Clearing House) Joint Stock Company is the first Polish licensed Clearing and Settlement House. Company mission is to ensure settlement and physical delivery of power, gas, property rights and emission allowances as well as to guarantee financial fulfilment of all transactions. IRGiT provides clearing services for the Polish Power Exchange. Since 2012 IRGiT is a member of Warsaw Stock Exchange capital group. IRGiT is a member of EACH (The European Association of Central Counterparty Clearing Houses), the association uniting the supreme clearing houses of CCP type in Europe. For more information please visit: http://www.irgit.pl
CONTACT: Media contacts: Nasdaq: Ryan Wells, (646) 581-4286 (M),Ryan.Wells@nasdaq.com IRGiT: Marek Onichimowski, +48 22 341 99 75,firstname.lastname@example.org