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Oslo Børs has decided to start negotiations with OMX Technology (OMX) regarding the deliverance of the new OMX trading system Genium Trading.
At the moment, Oslo Børs is contracted to use the trading systems SAXESS (shares and bonds) and CLICK (derivatives), both of which are supplied by OMX. The SAXESS agreement expires in 2010, and Oslo Børs has for some months evaluated different possible partners and providers of trading platforms.
The intention is now to replace SAXESS and CLICK with Genium Trading, subject to the successful negotiation of a final form of contract. Genium Trading is scheduled to be operational for the derivatives market in 2009, followed by cash and fixed income markets. Oslo Børs will implement Genium Trading for the various markets simultaneously with the OMX exchanges.
Genium is OMX’s next-generation trading system for trading, post trade and market data, and is currently under development. OMX is the world's leading vendor of trading systems for exchanges, and Genium will satisfy strict requirements in areas such as speed, capacity, functionality and quality.
OMX owns a number of exchanges, including all the Nordic exchanges except Oslo. Migrating the trading systems to Genium Trading will represent project costs of NOK 40-50 million for Oslo Børs. Given the current trading volumes and trading revenue, the annual cost of using Genium will be largely in line with the current cost of using SAXESS and CLICK.
