Global exchange group NYSE Euronext and the State of Qatar have entered a strategic partnership to form Qatar Exchange (QE), a new stock exchange that will be created from the country’s existing bourse, the Doha Securities Market (DSM).
QE will start trading under the new name from 21 June. There will be no immediate changes to existing DSM market practices. Andre Went, a managing director at NYSE Euronext in Amsterdam, will be appointed QE’s CEO.
Under the deal, NYSE Euronext will pay $200 million for a 20% stake in QE – the largest investment the group has made in a foreign exchange. The remaining 80% will be retained by the Qatar Investment Authority through Qatar Holding, its direct investment arm.
QE will use NYSE Euronext trading technology. Over the next 12-18 months QE will migrate to the Universal Trading Platform, the central access point and trading engine for NYSE Euronext’s execution platforms, making it the first non-group entity to use the platform. It will also be connected to NYSE Euronext’s Secure Financial Transaction Infrastructure communications backbone.