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Nasdaq, a global provider of trading, clearing, exchange technology, listing, information and public company services, will launch a harmonized framework to provide solutions including blockchain to providers of financial infrastructures.
Nasdaq will make its Nasdaq Financial Framework available to its 100-plus operator clients worldwide, which include exchanges, clearing houses, central securities depositories, alternative trading venues and interbroker dealers. Nasdaq has integrated the framework across all of its business units.
The framework includes a single operational core tying together the portfolio of Nasdaq’s functionalities across the trade lifecycle in an open framework with its partners. Central securities depositories, clearing houses and exchanges will easily integrate Nasdaq’s business applications with one another in addition to other external solutions.
Besides being able to integrate a range of business functions, the framework’s purpose-built design allows market operators to leverage the most recent technology developments such as blockchain and bring added functionality to market more quickly.
Three Framework Components
The framework has three components:
• Nasdaq Core: This is the operational hub that drives business applications across the framework based on best business practices. It is an open, high-speed communication, deterministic, operations and resiliency layer.
• Nasdaq Core Services: Optional shared services empower Nasdaq business applications with functionalities beyond the direct connection to the core for operations, messaging and other services. These services include blockchain, connectivity (supporting ITCH/OUCH/ FIX/FIXML/ISO15022/20022) and data store (collects data from any source connected to the Core).
• Nasdaq Business Applications: Nasdaq business applications are modular in nature and completely interoperable. The applications are integrated but decoupled from the Nasdaq Core, which makes it easy to replace, enhance or add functionality. Nasdaq’s end-to-end portfolio of business functionality supports the full trade lifecycle. The applications enable market operators to improve their competitiveness and meet implementation timelines to launch new services, models and markets.
A ‘Watershed Moment’
Adena Friedman, Nasdaq president and chief operating officer, called the announcement a “watershed moment” for how market operators operate and integrate their market technology. “We are excited to bring this offering to our clients and prospects who run the infrastructure of the world’s capital markets,” Friedman said. “The Nasdaq Financial Framework is the result of significant R&D efforts and transforms our offering into a modular portfolio that enables a more flexible, tailored approach to each client’s business and their ambitions.”
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A Collaborative Effort
Lars Ottersgard, executive vice president and head of market technology, said the company has collaborated with clients, including technology leaders that oversee its markets, to anticipate future requirements of market operators and how they will address business challenges and opportunities.
“We are very proud of this new innovation and the potential the Nasdaq Financial Framework brings to the global marketplace,” Ottersgard said. “We believe the Nasdaq Financial Framework underscores our dedicated focus on the stability, reliability and resiliency of our systems to ensure that our clients can safely and effectively introduce new technologies into their operations and evolve and expand their business.”
Nasdaq operates trading, central securities depositories, clearing and market surveillance systems in more than 100 marketplaces globally.
Featured image from Shutterstock.