Nasdaq and the Port Moresby Stock Exchange (POMSoX) have announced that POMSoX has gone live with the widely deployed Nasdaq Matching Engine that operates on the Nasdaq Financial Framework platform.
The launch of the new trading platform is a result of an upgrade from previous Nasdaq trading technology. The new trading engine will handle the trading of equities in the Papua New Guinea market. POMSoX has been a customer of Nasdaq since 1999.
“The Nasdaq trading platform will allow significant innovation in terms of market design and market offerings,” said Johnson Kalo, a POMSoX board member said. “We believe the platform will provide strong support for future growth in the PNG market and provide new business opportunities in areas such as market data distribution.”
“We are pleased to continue to support POMSoX, a longstanding Nasdaq customer,” said Robert Frojd, Regional Manager, South Asia, Southeast Asia & Pacific, Market Technology, Nasdaq. “This launch also highlights the scalability and flexibility of our technology. We believe, with our latest matching engine in place, POMSoX will be in a strong position to continue its focus on growing volumes and attracting new investors.”
Nasdaq’s market infrastructure technologies, including trading, real-time risk, index, clearing, CSD and market surveillance systems are operated in more than 100 marketplaces, regulators, clearinghouses and central securities depositories across the Americas, Europe, Asia, Australia, Africa, the Middle East and the Caribbean.
The Port Moresby Stock Exchange (Abbrev. POMSoX) is the principle stock exchange of Papua New Guinea. It is responsible for running and maintaining the independent operations of the stock market in the country.
POMSoX primary task is to ensure integrity in its systems and provide confidence to investors and market participants.
Services provided by the exchange comprise of listing, trading, clearing and settlement that cover companies listed both on domestic and foreign markets.
With the use of its technological facility, the Port Moresby Stock Exchange Trading System (Abbrev. PETS), POMSoX opens its market everyday at 9am-4pm business days and ensures trades are carried out by the two participating organizations.
With 19 years of exchange experience, it is fairly small and slowly growing with a Market Capitalization of K54.4 billion. It currently lists 17 companies that cover the range from Aviation, Banking and Finance, Finance, Industrial, Mining and Exploration and Oil and Gas industries.