Palestine exchange’s new trading engine will be running on the Nasdaq Financial Framework, which has additional capabilities of machine intelligence and blockchain in its architecture, the companies said in a statement announcing a new 10-year agreement.
PEX will also continue using Nasdaq’s SMARTS surveillance tech for market monitoring.
The bourse is classed as a frontier market by FTSE Russell and as a stand-alone country within both MSCI and S&P indices. It is a full member of the World Federation of Exchanges (WFE).
Ahmad Aweidah, CEO of PEX, said in a statement: “Obtaining best of breed technology is vital for our future in running a modern competent market that maintains the interest of its investors and protects their rights.”
Nasdaq’s market infrastructure technologies, including trading, real-time risk, index, clearing, CSD and market surveillance systems are operated in more than 100 marketplaces, regulators, clearinghouses and central securities depositories across the Americas, Europe, Asia, Australia, Africa, the Middle East and the Caribbean.
“By upgrading to new, next-generation trading technology operated by many of the largest exchanges in the Middle East and worldwide, PEX will bring the performance, scalability and resiliency to its customers and partners they demand,” said James Martin, Regional Manager, EMEA, Market Technology, Nasdaq in a statement.