IRGiT Integrates Nasdaq’s X-Stream Clearing Technology

Nasdaq (Nasdaq: NDAQ), one of the most recognized providers for trading, clearing and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term technology signed a new agreement with IRGiT (Izba Rozliczeniowa Gield Towarowych S.A.) or the Warsaw Commodity Clearing House Clearing House A clearing house is defined as an intermediary between two parties, a buyer and seller, which helps facilitate the overall process from trade inception to settlement. Clearing houses streamline the exchange of payments, securities, or derivatives transactions.The clearing house is situated between two clearing firms who also helps reduce the risk of either member firm failing to honor their respective trade settlement obligations.Buyers and sellers enter into legally binding agreements for the e A clearing house is defined as an intermediary between two parties, a buyer and seller, which helps facilitate the overall process from trade inception to settlement. Clearing houses streamline the exchange of payments, securities, or derivatives transactions.The clearing house is situated between two clearing firms who also helps reduce the risk of either member firm failing to honor their respective trade settlement obligations.Buyers and sellers enter into legally binding agreements for the e Read this Term, according to a Nasdaq statement.

The primary goal of the new partnership will be the upgrade of IRGiT’s post-trade platform to Nasdaq's X-stream Clearing technology – previously, IRGiT relied on the legacy engine from Condico Clearing. Both companies are targeting a mid-2016 date for the consummation of the upgrade.

In addition, the new technology upgrade will afford IRGiT an improved level of functionality, offering scalability to its clearing capabilities to a multitude of other asset classes, including commodities.

According to Lars Ottersgård, Executive Vice President and Head of Nasdaq Market Technology in a recent statement on the partnership, "We are proud to support IRGiT's post-trade development and their focus on providing a high performance, reliable clearing house to its market players. With this new technology upgrade, IRGiT is in strong position to execute on their expansion vision, and Nasdaq looks forward to continuing this journey with them."

Earlier this month, Nasdaq lost its Senior Vice President of market systems, Ann Neidenbach, who parted ways with the group for Convergex.