SSI Ltd. (india) and NASDAQ Create Joint Venture
IndigoMarkets Will Build Internet-based Infrastructure for Nasdaq-Japan and
Nasdaq-Europe
Tuesday, January 11, 2000
Washington, DC, Tokyo, London, and Chennai, India?The Nasdaq Stock Market© announced
today that it has established IndigoMarketsSM, a joint venture company to be formed with SSI
Technologies (SSIT), a division of SSI Ltd., of India. The new company will create Internet-based
trading and market systems for Nasdaq© global markets including Nasdaq-EuropeSM and
Nasdaq-JapanSM?the new markets being set up to provide European and Japanese investors with
enhanced opportunities to invest in the world?s preeminent stocks and initial public offerings (IPOs).
IndigoMarkets will also sell its products to other customers worldwide.
The IndigoMarkets product line will provide a state-of-the-art electronic securities market based on
proven Nasdaq market structures. Market facilities will include both order-driven and quote-driven
structures as well as access to external services such as third market trading. IndigoMarkets will
provide these services using the latest distributed and Internet technologies available from several
strategic partners including Compaq, Microsoft, Cisco Systems, MCIWorldCom, and others. The new
product line will also leverage existing SSIT technology currently in use in several Asian stock
markets.
More than 1,800 technical and functional specifications are under development for the deployment of
Nasdaq-Japan and testing is expected to begin in the third quarter of 2000.
"This partnership draws together the brand, technology, and market knowledge of Nasdaq and the
execution, engineering, and brokerage skills of SSIT to create a unique new company called
IndigoMarkets. No other firm is as well positioned to deliver on the Internet trading era," said Gregor S.
Bailar, Executive Vice President and Chief Information Officer of the National Association of Securities
Dealers (NASD©)?the parent company of The Nasdaq Stock Market.
Commented John Hilley, Chairman and CEO, Nasdaq International, Ltd. "Our new joint venture with
SSIT represents another important step in our strategy of building on our position as the world?s leading
global stock market. It underlines our determination that the new Nasdaq-Europe and Nasdaq-Japan
markets will be based on the very best state-of-the-art technology. Nasdaq-Japan will be first, but
Nasdaq-Europe will be using the same technology and will follow shortly. This will create the first major
legs of Nasdaq?s global trading network."
"SSIT is excited to work with Nasdaq to deliver a best-of-breed electronic securities market. The
opportunity to pool our resources to support Nasdaq?s global needs and to offer these solutions to
other world-class clientele is truly powerful. The Nasdaq?SSIT relationship is poised for significant
expansion and growth because it leverages on the core competencies of each partner?Nasdaq
creating a new market environment and SSIT providing the state-of-the-art Internet trading solution,"
said Kalpathi Suresh, Chairman, SSI Ltd.
SSIT?s securities practice specializes in mission critical on-line transaction processing in the areas of
stock exchange automation and Internet trading. Their product TESA?The Electronic Securities
Architecture?is a world class stock exchange automation system. The system supports various
services including trading, exchange and broker support, clearing and settlement, and on-line risk
management. SecuraTrade is an on-line Internet trading system that provides complete trading
facilities to investors over the net. It enables brokerage houses and stock exchanges to quickly and
easily install powerful web-based trading sites on the Internet to service their investors.
SSIT will set-up an Off-Shore Development Centre (ODC) in Chennai, India, as a Strategic Business
Unit to support the requirements of IndigoMarkets. This ODC will be the off-shore partner for
IndigoMarkets and will actively support the development and implementation of solutions for customers
worldwide.
SSI Ltd., provides quality training, consulting, and development services to the computing industry
worldwide. Since its incorporation in 1991, SSI has grown to become India?s third largest software
education company and a comprehensive IT service provider in cutting edge product lines. SSI
Technologies is a virtual corporation of SSI Ltd. SSIT provides component-based software development
and consulting services to global clientele in the key verticals of securities trading, banking, insurance,
telecom, and healthcare. SSIT architects Internet solutions to take full advantage of e-commerce.
The Nasdaq Stock Market lists nearly 5,000 companies, has a larger dollar volume, and trades more
shares per day than any other U.S. market. Nasdaq is a subsidiary of the NASD, the largest
securities-industry, self-regulatory organization in the United States. For more information, visit
www.indigo-markets.com, the Nasdaq Web site at www.nasdaq.com, the Nasdaq-Japan site at
www.nasdaq-japan.com, the Nasdaq-Europe site at www.nasdaq-euromarket.com, the Nasdaq United
Kingdom site at www.nasdaq.co.uk, or our site for reporters?the Nasdaq NewsroomSM?at
www.nasdaqnews.com.
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