Amman: The Amman Stock Exchange (ASE) launched an updated version of its Optiq electronic trading system on Sunday, marking a significant step in its ongoing efforts to advance digital transformation and upgrade technological infrastructure in line with global best practices and standards in financial markets.
According to Jordan News Agency, the launch aligns with ASE's commitment to supporting the Economic Modernization Vision and executing projects outlined in its strategy. This aims to enhance the market's readiness to adapt to rapid technological advancements, thereby improving the reliability and operational performance of Jordan's capital market trading environment.
ASE Chief Executive Officer Mazen Wathaifi highlighted that the updated version includes several technical and functional features designed to boost trading efficiency and the quality of services offered to investors and exchange members. He emphasized that these upgrades are part of ongoing modernization efforts and the adoption of advanced technological solutions to bolster market competitiveness and development.
Furthermore, Wathaifi announced the implementation of an updated mechanism for determining securities' closing prices, based on an auction system during the pre-closing phase. This mechanism allows broader participation in establishing closing prices, leading to fairer pricing, increased transparency, and reduced potential for manipulating closing prices.
He detailed that the indicative equilibrium price, calculated during the pre-closing phase, will be adopted as the security's closing price if executed trading volume at the opening reaches at least JD1,000 ($1,410). If this volume is not met, the closing price will default to the last traded price during continuous trading or the previous closing price if no trades occurred.
Wathaifi commended all parties and entities involved in the testing and technical trials preceding the launch, acknowledging their essential contributions to meeting technical and operational requirements and ensuring the system's efficient and reliable operation.
He reaffirmed ASE's commitment to ongoing development plans, technological upgrades, and enhanced electronic services to stay abreast of the latest advancements in financial market technology. This will improve services for investors and market participants and solidify the exchange's status as a modern financial institution capable of keeping pace with digital transformation and rapid technological progress in global financial markets.