AKIPRESS.COM - American stock exchange Nasdaq Inc. and Astana International Financial Center JSC (AIFC) announced Monday a new, significant agreement for a new AIFC Exchange in Kazakhstan.

Nasdaq has been selected to power Kazakhstan's nascent stock exchange, the AIFC Exchange. The exchange is targeted to launch in late-2017 and will initially trade equities and fixed income with other asset classes for future phases, Nasdaq said.

Under the deal, the Nasdaq Matching Engine will be implemented and go through several rigorous testing and acceptance stages before official deployment.

Nasdaq noted that its Machine Engine is the most widely-used matching engine in the world that combines extraordinary performance with extensive functionality to cost-effectively meet current and future business and performance requirements.

Lars Ottersgård, Executive Vice President, Head of Market Technology, Nasdaq said, "By leveraging our Nasdaq Financial Framework, the AIFC Exchange will be running on ground breaking technology, which will allow for standardized and unified operations, coupled with robust flexibility to boost its competitive proposition in a rapidly evolving international marketplace."

Nasdaq's exchange technology, including trading, clearing, CSD and market surveillance systems, is in operation in more than 90 marketplaces.