Euronext has signed an agreement for the implementation of its new UTP-Hybrid platform with four exchanges in the Middle East and North Africa region as it looks to build its technology business.

The exchange said in a statement that it has signed agreements with the Amman Stock Exchange, the Beirut Stock Exchange, Bourse des valeurs Mobilieres de Tunis and the Muscat Securities Market to replace their trading platforms with UTP-Hybrid.

Euronext uses UTP, a multi-asset class, multi-currency trading platform as the core technology to operate its single order book model in Europe.

Nick Thornton, SVP, global head of market solutions at Euronext, told Markets Media: “Growing exchanges in regions such as Middle East and Africa increasingly expect the same level of technology as Europe and the USA and want reliability but not global scale. UTP-Hybrid gives them a smaller more accessible package.”

Thornton said Euronext has a very strong relationship with the Warsaw Exchange which uses the full version of UTP. “We are building the same relationship with the MENA exchanges earlier in the development cycle,” he added.

Last November after IntercontinentalExchange completed its acquisition of Euronext, chief executive Jeffrey Sprecher laid out the strategy for the combined group. He said Euronext would continue to develop the UTP platform for its own needs and for third parties with its existing technology team and provide platform services to exchanges outside the group. UTP will remain with Euronext when the equities business is sold or spun-off.

In addition to providing technology to the four MENA exchanges, Euronext will also provide customization, project delivery and ten years of support.

Dominique Cerutti, chief executive of Euronext, said in a statement:“This is an important development for Euronext and demonstrates our commitment to a strategic relationship with these four exchanges. Using technology to bring MENA markets closer together helps promote the region and generate growth in its local economies.”

Where possible, Euronext will look to work with small groups of exchanges in emerging regions such as MENA and Asia as they can share the benefits of a common platform and delivery which achieving savings they would not get as individual exchanges. Present them to analysts and investors much bigger opportunity.

“Asia is a very important region and we are having a number of conversations,” Thornton added. “We are not looking to be high-volume technology business but to build a small number of high value strategic partnerships and we need to find the right partner.”