Dubai, United Arab Emirates (Vocus) July 8, 2009
SunGard has extended the capabilities of its GMI system to facilitate processing of equity derivatives traded on NASDAQ Dubai, the Middle East's international stock exchange. GMI is a clearing and accounting solution for exchange traded derivatives, futures and options.
SunGard's GMI helps NASDAQ Dubai customers and exchange members to readily trade and process business on the new exchange. GMI has been customized to support futures, futures options, stock futures, equity options, Contracts for Differences (CFDs), foreign exchange and dividends listed instruments in the Middle East. It provides the automation firms require to help trade and process transactions from contract to settlement, providing post-trade processing, margin calculation and quick valuation of derivative transactions for brokers and their clients.
Jeff Singer, chief executive of NASDAQ Dubai, said, "SunGard's GMI offers an efficient, fast and cost-effective processing service for our international and regional members. GMI's support will help encourage further growth in our derivatives market, which has expanded substantially since it launched in November 2008."
Gerry Murphy, president of SunGard's brokerage and clearance business, said, "SunGard's customers already have the ability to use GMI on more than 100 exchanges globally, and we are pleased to add NASDAQ Dubai as the first exchange with equity derivatives to offer GMI processing in the Middle East. GMI provides an intuitive platform that will help customers manage their trading activity on the exchange. GMI remains at the forefront of expanding support of new exchanges around the world, having added 22 over the last two years. SunGard's Middle East regional headquarters in Dubai International Financial Centre (DIIFC) & Dubai Knowledge Village further expands our regional implementation, support and business development within the region."
NASDAQ Dubai is the only United Arab Emirates exchange that trades equity derivatives. It launched the market in November 2008 by listing futures on the FTSE NASDAQ Dubai UAE 20 index and on 20 individual stocks listed on NASDAQ Dubai, the Dubai Financial Market and the Abu Dhabi Securities Exchange. In April 2009 NASDAQ Dubai added an equity options service.
About NASDAQ Dubai
NASDAQ Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, exchange-traded commodities, structured products, Sukuk (Islamic bonds) and conventional bonds.
The majority shareholder of NASDAQ Dubai is Borse Dubai with a two-thirds stake. NASDAQ OMX Group owns one third of the shares. The regulator of NASDAQ Dubai is the Dubai Financial Services Authority (DFSA). NASDAQ Dubai is located in the Dubai International Financial Centre (DIFC). For more information, visit http://www.nasdaqdubai.com.
About SunGard's GMI
A clearing and accounting system for global exchange-traded derivatives, futures and options, GMI supports the activities of clearing firms, securities firms, brokerage houses, and other participants in derivatives trading, such as multi-national agriculture and energy companies. GMI links to exchanges worldwide for access to pricing updates, margins and risk arrays. Customers use GMI to help eliminate manual processes, consolidate data in a single integrated accounting system, control costs and increase competitiveness.
SunGard is one of the world's leading software and IT services companies. SunGard serves more than 25,000 customers in more than 70 countries, including the world's 25 largest financial services companies.
SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software.
With annual revenue exceeding $5 billion, SunGard is ranked 435 on the Fortune 500 and is the largest privately held business software and services company on the Forbes list of private businesses. Based on information compiled by Datamonitor*, SunGard is the third largest provider of business applications software after Oracle and SAP. Continuity, Insurance & Risk has recognized SunGard as service provider of the year an unprecedented six times. For more information, please visit SunGard at http://www.sungard.com.
*January 2009 Technology Vendors Financial Database Tracker http://www.datamonitor.com
Trademark Information: SunGard, the SunGard logo and GMI are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.
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