NASDAQ Dubai was set up as an international stock exchange when the prevailing trends were in favor of increased cross-border trading and a worldwide unification of financial systems. This exchange aimed to provide a platform wherein global companies could tap into highly liquid investors in the Gulf Cooperation Council (GCC) states. Given Nasdaq Dubai’s aims of becoming an international gateway for investors in the region, the challenge was to provide and execute cross-border, multi-currency trades followed by quick settlement and delivery. In addition, product portfolios needed to be continuously upgraded with new instruments to suit various customer profiles and the changing financial environment.
We were brought in to provide a system that would provide post-trading clearing services, including settlement, payments and delivery – all of which could be accessed by the members of the exchange through browser-based interfaces.