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Denton Wilde Sapte has advised established client Nasdaq OMX Group on a strategic partnership with the Kuwait Stock Exchange (KSE).
Dentons delivered international and local law advice on an agreement that will see Nasdaq OMX provide KSE with a new trading platform, market information and strategic advice on market development and international compliance.
Dentons London-based technology, media and telecoms partner John Worthy, who led on the transaction, said: “This is the first time that the KSE and Nasdaq OMX have worked together. KSE recognised the need to have a next-generation technology platform to demonstrate that it would be able to operate in account with international standards and the best possible trading systems. Nasdaq is keen to be involved and develop its existing profile in the Middle East.”
Nasdaq OMX set up a Dubai office in January this year in a bid to expand into the Middle East market. It beat off competition from Deutsche Börse to win the Kuwait deal, which saw it move into one of the largest stock exchanges in the Arab world.
“It’s intended to be a long-term relationship,” Worthy added. “KSE recognises the need for support from one of the world’s leading players.”
Worthy was assisted by senior associate Winston Green in London and consultant Mary Ann Sharp and legal executive Ola Saab in Kuwait.
KSE was advised by local firm Bader Saud Al Bader and Partners, led by partner Kevin Burke.