Amman, Aug. 23 (Petra) -- The Amman Stock Exchange (ASE) launched Sunday an updated version of its Optiq electronic trading system as part of its ongoing efforts to advance digital transformation and upgrade its technological infrastructure and electronic systems in line with global best practices and standards adopted by financial markets.
The launch is part of the ASE’s efforts to support the Economic Modernization Vision's objectives and implement projects outlined in its strategy to enhance the market’s readiness to keep pace with rapid developments in financial market technology and improve the reliability and operational performance of the trading environment in Jordan’s capital market.
ASE Chief Executive Officer Mazen Wathaifi said the updated version includes a range of technical and functional features designed to improve trading efficiency and the quality of services provided to investors and exchange members. He said the upgrades are consistent with efforts to pursue continuous modernization and adopt advanced technological solutions that support the market’s competitiveness and development.
Wathaifi added that the ASE has begun implementing an updated mechanism for determining the closing price of securities, based on an auction mechanism during the pre-closing phase. The mechanism allows broader participation by market participants in determining closing prices, contributing to fairer and more efficient pricing, greater transparency, and reduced potential for influencing closing prices.
He explained that the indicative equilibrium price calculated during the pre-closing phase will be adopted as the security’s closing price if the security’s opening results directly in executed trading volume of at least JD1,000 ($1,410).
If the executed volume at that price does not reach the required minimum, the price will not be adopted as the closing price for that day. Instead, the closing price will be the security’s last traded price during the continuous trading session, or its previous closing price if it was not traded.
Wathaifi praised the efforts of all relevant parties and entities that contributed to the testing and technical trials preceding the launch, saying their work helped complete the technical and operational requirements and ensure the system was ready to operate efficiently and reliably.
He stressed that the ASE will continue implementing its development plans and upgrading its technological systems and electronic services to keep pace with the latest developments in financial market technology, improve services for investors and market participants, and strengthen the exchange’s position as a modern financial institution capable of keeping pace with digital transformation and rapid technological advances in global financial markets.
//Petra// AF
