Nasdaq OMX has struck a deal with the Bolsa Electronica de Chile (BEC) to provide?technology and advisory services to the Latin American exchange and to explore the creation of a Chilean peso-dollar derivatives contract.?
Nasdaq OMX will advise BEC on the cross-listing of shares, aid the development of new indices and consider ways to create a peso-dollar futures contract for trading on Nasdaq OMX exchanges.
The exchange operator will provide advice as the peso futures contract is submitted for approval by the Commodity Futures Trading Commission. Nasdaq OMX already has 12 currency derivatives that are traded via its futures exchange, which was formerly the Philadelphia Board of Trade.?
BEC will also upgrade its trading platform to Nasdaq OMX’s technology. Members of the Chilean exchange will remain connected via the FIX trading protocol for a seamless system shift, the companies say.
Founded more than 20 years ago by a group of banks and broker-dealers, the BEC has more than 40 shareholders and competes with the Santiago Stock Exchange.
Fernando Canas, president of BEC, says: “Nasdaq OMX market technology will open the doors to achieve real interconnection for investors who wish to enter the Chilean marketplace and the advisory services will help us create new instruments for investors around the world. Our alliance with Nasdaq OMX will support areas of BEC strategic development like technology implementation and partnerships for new products.”
For Nasdaq OMX, the agreement is an important step in its strategy to diversify its business beyond equities. Nasdaq OMX provides infrastructure to 70 exchanges globally and competes with NYSE Euronext to provide software and services to the world’s exchanges.