National Stock Exchange inks post-trade tech pact with Nasdaq

In addition to the post-trade agreement, Nasdaq has also signed an agreement with NSEIT to use NSEIT’s capability in implementations and project augmentation globally. Further, the two exchanges signed a Memorandum of Understanding (MOU) to explore business opportunities across listings, corporate and market services and data and innovations in products, processes and technology. 

The new post-trade technology will replace NSE’s current clearing and settlement system operated by the National Securities Clearing Corporation Limited (NSCCL), a wholly-owned subsidiary of NSE. 

The technology will provide a state-of-the-art architecture utilising the Nasdaq Financial Framework, which will ena

ble all asset classes to be cleared and settled in one system. 

“The continuously evolving market needs for products and effective risk management, require us to continue to evolve our delivery models,” said Vikram Limaye, MD-CEO, NSE. 

“NSE has always been a leader in technology solutions. NSCCL’s tie-up with Nasdaq will provide us the right platform and technology backbone to effectively synergise post–trade delivery capabilities. 

The adoption of this new technology platform customised for our needs will also allow NSCCL to stay nimble and manage the evolving ecosystem far more efficiently. Further, I am confident that the broad-based strategic partnership agreement with Nasdaq will take the relationship between the two exchange groups to the next level and would benefit capital markets in both the countries.” 

“This new partnership with NSE marks a major milestone for Nasdaq in providing a suite of real-time post-trade technologies to one of the largest clearing houses in the world,” said Adena Friedman, President and CEO, Nasdaq. 

“We will use this new partnership to bring Nasdaq’s premium market technology, the Nasdaq Financial Framework, to the Indian capital market and to explore new opportunities for collaboration across each other’s businesses. Additionally, we look forward to our partnership with NSEIT to work together to expand our technology delivery  capabilities.”