Sandy Frucher looked almost tearful. The vice chairman of Nasdaq was making an opening address at the New York leg of the Saudi Stock Exchange/Euromoney international roadshow, in one of the gilt, ornate ballrooms of New York’s Plaza Hotel.
This hotel, he explained, was where he spent his wedding night 50 years ago, which gave him an opportunity to segue into expressing a somewhat saccharine hope that the relationships forged at this investment conference might last as long as his had.
A series of glowing remarks followed about the Saudi exchange, its vision and its future. Among the points he highlighted was this: “They are, in our view, a world class enterprise, who have invested in world class technology.”
No doubt Frucher meant all he said, but his praise for the Saudi exchange’s technology savvy might just have been prompted by the fact that its investment has chiefly been in the X-stream Inet trading platform, produced by… Nasdaq.