Boerse Stuttgart Launches New Exchange System, Xitaro, Powered by Nasdaq
NEW YORK and STUTTGART, Germany, Oct. 7, 2015
Nasdaq and Boerse Stuttgart have officially announced that Boerse Stuttgart, Germany's leading exchange for retail investors, has gone live on Genium INET. The system named Xitaro will be used for trading of all asset classes including equities, fixed income, exchange traded products and securitized derivatives. In addition to delivering the exchange system, Nasdaq is also providing Boerse Stuttgart with hosting and technical operations services.
"Especially at times of intense competition, exchanges need to maintain a broad level of investment in their systems," said Dr Christoph Boschan von dem Bussche, Member of the Management Board of Boerse Stuttgart GmbH. "That is the only way to ensure stability and quality in securities trading. Thanks to Xitaro, we will be able to speed up the implementation of new ideas and their introduction to the market. In line with our objectives, we will continue to be an innovation leader for retail investors."
"We are very proud that Boerse Stuttgart has chosen to base its new exchange system on Nasdaq's Genium INET Trading system," said Lars Ottersgård, Executive Vice President, Market Technology, Nasdaq. "The joint project has been a tremendous success with the new system launching on schedule. We look forward to continuing to support Boerse Stuttgart's growth to expand beyond its current position with private investors."
Nasdaq's exchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in over 100 marketplaces across North and Latin America, Europe, Asia, Australia, Africa and the Middle East.