Euronext has agreed to provide four stock exchanges across the Middle East and North Africa (MENA) with its trading platform technology.
The exchanges are the Amman Stock Exchange, Beirut Stock Exchange, Bourse de valeurs Mobilleres de Tunis and the Muscat Securities Market.
All four will implement Euronext’s new Universal Trading Platform (UTP), UTP-Hybrid. The new platform will give the exchanges options for customisation, project delivery and a ten-year support agreement.
All four currently work with Euronext using the NSC trading platform, which will see its support discontinued in 2015 and the platform will be replaced with UTP-Hybrid.
Development in the MENA region has seen increased sophistication of financial markets and Euronext has said that national exchanges are looking to growth their equities business and enter into new asset classes.
UTP offers multi-asset and multi-currency trading on a low-latency platform supporting complex market functions and is the core technology for Euronext’s European order book.
Dominique Cerutti, CEO of Euronext, said: “This is an important development for Euronext and demonstrates our commitment to a strategic relationship with these four exchanges. Using technology to bring MENA markets closer together helps promote the region and generate growth in its local economies.”