Nasdaq Licenses Software to Germany's Boerse StuttgartNandini Sukumar
Nasdaq OMX Group Inc., the exchange owner that also develops trading software used by other markets, licensed its Genium Inet system to Boerse Stuttgart AG.
The German venue for products such as securitized derivatives, corporate bonds and stocks plans to start using the platform in 2015, Nasdaq said in a statement.
Nasdaq will work “to support Boerse Stuttgart’s focus of bringing private investors to the same level as institutional investors,” Lars Ottersgard, senior vice president of market technology at Nasdaq, said in the statement.
The announcement comes as the exchanges worldwide grapple with technology malfunctions. Nasdaq shut its U.S. markets on Aug. 22 after a flood of data exposed a flaw in its system for disseminating prices. Everbright Securities Co.’s Aug. 16 error prompted the biggest swings in Chinese equities since 2009.
Nasdaq, the second-largest operator of U.S. stock exchanges and the owner of seven Nordic and Baltic markets, has diversified into other businesses, providing technology to more than 70 exchanges, clearinghouses and central securities depositories. That unit generated $95 million of second-quarter sales, or 21 percent of Nasdaq’s net revenue.