TGE, Polish Power Exchange and Nasdaq have launched a new trading system provided by Nasdaq.
Nasdaq said it did partnered with TGE since 2008. The new technology boosts TGE’s markets performance capabilities and operational flexibility, allowing the exchange to expand future activities, including adding commodity and derivative instruments to its business offering.
The trading platform operated by TGE features comprehensive multi-market model support, a wide range of order type and asset types, market maker support, execution of derivatives market strategies, market data processing and integrated index calculator as well as comprehensive risk management and real-time position keeping and market control and supervision. Nasdaq’s matching engine is the most widely-used worldwide, processing orders at the rate of 100,000 per second at sub-40 microsecond average latency.
“The implementation of a modern comprehensive trading system in cooperation with a proven partner marks a crucial business development step both for TGE and the participants of the markets operated by the exchange,” said Dr Pawel Ostrowski, President of the Management Board of TGE. “The latest technology will allow us to face European regulatory challenges and offer the necessary flexibility in shaping our offering while providing the users with enhanced portfolio management options for selling and buying instruments traded at TGE.”
In the second phase of introducing the advanced technology, Nasdaq said it will collaborate with TGE in implementing a new system that supports the electricity auctions for interconnections under the Market Coupling mechanism. The launch of the system, which is scheduled for late-June/early-July 2017, will enable the operation of a cross-border, day-ahead market according to the standards of the Price Coupling of Regions. TGE will start operating as a coordinating exchange under the European Multi-Regional Coupling project.
“This is an important milestone in our long-standing partnership with TGE,” said James Martin, Regional Manager, EMEA, Market Technology, Nasdaq. “With the release of this new trading platform, we are proud to provide a fully integrated trading and clearing solution for the Polish market that supports TGE’s efforts in addressing the changing regulatory landscape, as well as continuing to support their business growth in the region for the years to come.”
Nasdaq’s market infrastructure technologies, including trading, real-time risk, index, clearing, CSD and market surveillance systems are operated in over 100 marketplaces, regulators, clearinghouses and central securities depositories in the United States, Europe, Asia, Australia, Africa and the Middle East. Nasdaq is also the technology partner of IRGiT (Warsaw Commodity Clearing House), controlled by TGE, which has been providing clearing services with the use of the Nasdaq Packaged CCP system since June 2016.