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Polish Power Exchange and Nasdaq (Nasdaq:NDAQ) today announced the Polish Power Exchange (POLPX) will tap Nasdaq's X-stream Trading technology platform. POLPX has been a Nasdaq customer since 2005, and the new agreement will extend this relationship beyond 2020.
The new technology upgrade will give POLPX improved functionality and support higher trading volumes, which underscores its continued growth— and allow for further expansion into other commodities and derivatives. In addition, POLPX will be Nasdaq's inaugural energy customer using X-stream Trading, which is currently the most highly deployed trading engine in the world.
"The implementation of a new trading system in cooperation with a proven partner marks a breakthrough in our development," said Ireneusz Łazor, President of the Management Board, Polish Power Exchange. "Modern technology will open up new business areas thus enabling us to become a global and multifunctional market. We are facing numerous challenges, including those related to the creation of a derivatives market or active participation in the common European energy market. There are also other commodity markets we are developing. Undoubtedly, our current participants will see positive changes and we hope to attract the interest in our market from international players. New functionalities will, above all, provide enhanced capabilities for flexible management of the buy/sell portfolio of instruments offered at POLPX".
To complement the technology upgrade, Nasdaq will also support POLPX in the launch of its new financial settled energy futures market, which plans to go live in 2015. Further, the agreement also allows POLPX the option to use SAPRI (Nasdaq's energy auction platform), which would be used in their preparations to participate in Europe's energy cross-border auctions, 'PCR' (Price Coupling of Regions).
"Our new agreement with POLPX is a milestone for Nasdaq and a true indication of where energy market leaders are taking their business," said Lars Ottersgård, Executive Vice President, Market Technology, Nasdaq. "This demand for increased functionality and performance has pushed us to innovate and invest in our energy offerings and bring a cutting-edge, flexible and robust energy trading and clearing platform to the market. We are truly honored to be supporting POLPX as they evolve their business, and look forward to continuing our mutual, long-term relationship".
Nasdaq's exchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in over 100 marketplaces across USA, Europe, Asia, Australia, Africa and Middle East.
