| 06 Sep 2010 |
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Qatar Exchange launches UTP
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DOHA: A modern trading platform was launched at the Qatari bourse yesterday with the market's management describing the move as a milestone in its drive to develop in Doha a world-class financial centre.
The new system is known as Universal Trading Platform (UTP) and its introduction means that Qatar's cash equities exchange will operate with the same state-of-the-art technology as NYSE Euronext, the strategic partner of the Qatar ExchangeQatar Exchange
(QEQE).
It is a significant step forward in the development of Qatar ExchangeQatar Exchange, laying firm foundations to realise Qatar's strategic vision for the market to act as a global exchange, working in accordance with the best international practices and standards.
QEQE now has an important piece of the infrastructure to work towards expanding the capabilities of the market with new products such as bonds and other diversified exchange traded instruments.
The announcement caps a year of progress towards achieving the 5-year development of the Qatar ExchangeQatar Exchange
project which has also seen the Central Bank of Qatar act as Settlement Bank; government permission to allow Qatari banks to join the Exchange, and modification to the Qatar ExchangeQatar Exchange's index.H E Dr Khalid bin Mohammad Al Attiyah, Minister of State for International Cooperation and Chairman of QEQE's Board, expressed his deep satisfaction with this major step, being a milestone in the development strategy aiming at turning QEQE into a world-class exchange.
Andre Went, Qatar ExchangeQatar Exchange
Chief Executive Officer said: "Today's implementation of UTP marks a significant positive step towards the promotion of trust in the market and increasing the efficiency of the services provided to investors and providing a trading platform for new products and investment instruments to be launched by Qatar ExchangeQatar Exchange.Both issuers and investors alike will benefit from the speed, efficiency and reliability of NYSE Euronext's world class technology, together with greater market transparency resulting from the introduction of a closing auction. Launching the UTP Platform on schedule and in line with our stated strategy is a clear demonstration of the benefits of the strategic partnership between Qatar Holding and NYSE Euronext."
Dominique Cerutti, President & Deputy Chief Executive of NYSE Euronext said: "This achievement illustrates the progress of our partnership with Qatar, our joint commitment to innovation and the close working relationship between our two organisations. We are delighted at this important first step and welcome the opportunity to apply our leading-edge technology to transform the Qatar ExchangeQatar Exchange into a marketplace that is well positioned to serve market participants in the Middle East and the world".
The successful launch of UTP for the Qatar ExchangeQatar Exchange is the first launch of the NYSE Euronext cash trading application suite outside its own core markets.
© The Peninsula 2010
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