Dubai Financial Market (DFM) announced today that it’s in the final stages of launching the new state of the art trading system “X- Stream”, one of the best trading system in the world’s financial markets.
The new fully integrated trading platform is part of DFM’s drive for modernizing since its very inception in the year 2000.
DFM will be the first regional market in the GCC to adopt this highly sophisticated trading system. The launch date for this major development will be announced soon.
Essa Kazim, Executive Chairman, DFM “PJSC”, said:
“Many steps have been taken to launch the new trading platform “X- Stream” and we are currently in the final testing phase to ensure smooth functionality. Moreover, DFM licensed brokers have already gone through an extensive training programme to operate this cutting- edge system. Undoubtedly, the adoption of X-Stream, which is also used by NASDAQ Dubai, will reinforce our joint efforts to consolidate trading, clearing and depository systems, especially as the two exchanges will be using the same technology developed by OMX, which will ultimately benefit both parties.”
“DFM’s strategy since its inception on March 26th 2000, is focused on continuous investment in developing our IT infrastructure. Certainly, the ongoing development played a major role in cementing DFM’s status as the leading exchange and the main destination for local, Arab and international investors regionally. We are confident that with the deployment of this new trading system we will be in an ideal position to cater for the huge expansion trading activities of stocks and bonds or any other potential instruments to be traded through DFM in the future,” Kazim added.
Hassan Abdulrahman Al Serkal, Senior Vice President & Chief Operations Officer (COO) – Operations Division, Dubai Financial Market, said, “DFM have organized training sessions for over 200 trading managers representing 99 brokerage firms, in addition to this, key personnel from the brokerage firms have been trained as ‘super users’ who can then train their colleagues internally. Moreover, 60 trading simulation sessions were organized in addition to open Q&A sessions to resolve any queries that may arise from the brokerage firms. and finally we have distributed user manuals to different brokerage houses.”
X-Stream is a high performance trading system that allows the execution of thousands of trades per second effectively, and it was developed and delivered by OMX, the leading Swedish market operator.
About Dubai Financial Market:
Dubai Financial Market (DFM) was established as a public institution having its own independent corporate body. DFM operates as a secondary market for the trading of securities issued by public shareholding companies, bonds issued by the federal Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the market. The DFM commenced operations on March 26, 2000. Following its initial public offering in November 2006, when DFM offered 1.6 billion shares, representing 20% of its paid-up capital of Dhs8bn, DFM became a public joint stock company. Following the IPO, the Government of Dubai retained the remaining 80% of DFM Company through Borse Dubai Limited.
