Omantel has announced that it has signed a contract that will connect 25 sites from banks and brokerages companies directly to the Muscat Securities Market (MSM) using its state of the art MPLS (Multi-Protocol Label Switching) system enabling ever faster deals and transactions to be undertaken.
The highly tailored service provides a different range of bandwidths to suit the specific demands of the 26 sites that will be connected through Omantel's MPLS Cloud system - with the cloud acting as a hub to connect the MSM and the different bank and brokerages without the need for leased lines.

Moving away from traditional leased lines to MPLS technology enables companies to save cost and delivers a greater return on investment for the companies who sign up to use the solution.

Banks and brokerages houses now require the most reliable and efficient systems for their trading with stock exchanges - which is why the new contract will help to boost the trading efficiency for these organizations with the MSM.

The new MPLS system will be administered by Omantel's Corporate Business Unit - which already works closely with the financial services sector in Oman ensuring total connectivity

Following the agreement of the new contract, Sulieman Mohamed Al Rashdi , Deputy Genaral Manager for Operations and Surveillance at MSM said: "This is an important development for the Muscat Securities Market and the banks and brokerages houses with which we deal on a daily basis. The installation of the new MPLS system will help us to ensure that our transactions are even more secure, faster and more efficient than in the past.

Talal Al Mamari, Omantel VP Finance and acting Vice President Corporate Business Unit, said: "This agreement is an important step in helping to enhance the effectiveness of the Muscat Securities Market and the banks and brokerage houses that interact daily for trading purposes on the stock market here.

"The MPLS technology is the very latest and most contemporary solution that can link multiple sites in a reliable and efficient manner. Our state of the art MPLS solution is already being used by many large companies and business groups across Oman to ensure they have reliable connectivity, back-up systems and peace of mind when conducting their business."

Humoud Talib AL Shaqsi, IT Director at MSM said, This agreement will provide a more comprehensive back-up system for all of us as it will connect the banks and brokerage houses with Disaster Recovery Centre and will help to ensure that MSM continues to incorporate and use the most advanced technology for our operations now and in the future."

The agreement is supported by a Service Level Agreement (SLA) that guarantees a 99.99% standard quality throughout the year. Omantel monitors the MPLS traffic through its advanced Network Management Centre that works round-the-clock to monitor all sites and ensure remote failure repairs", Al Shaqsi concluded.

Eng. Khaild Mohamed Al Raisi, Sales Manager Financial Sector at Omantel said: