NASDAQ and Borsa Istanbul sign landmark deal

ISTANBUL

'We are delighted to have put in place a highly impactful global partnership with NASDAQ OMX, anchored on the objective of together serving the financial community worldwide,' said Chairman and CEO of Borsa Istanbul İbrahim Turhan. AA Photo

U.S. stock exchange NASDAQ and Borsa Istanbul have concluded a wide-ranging agreement yesterday, which includes the delivery of market-leading technologies and advisory services to Borsa Istanbul, and NASDAQ OMX Group taking an equity stake in the Turkey’s main stock exhange.

As part of the agreement, NASDAQ OMX will take a five percent equity stake in Borsa Istanbul, with an option to increase this by an additional two percent. The U.S. stock exchange giant will also receive a series of cash payments. The parties’ forward cooperation pathway may also include a minority participation by Borsa Istanbul in NASDAQ OMX.

“We are pleased to be working side-by-side with Borsa Istanbul as they evolve toward becoming an international hub that will attract global investors to the Eurasia region,” said Bob Greifeld, CEO, NASDAQ OMX. “Building and powering the world’s capital markets is at the heart of NASDAQ OMX’s Global Technology Solutions business, and we are thrilled to be partnering and investing in the Turkish exchange.”

“We are delighted to have put in place a highly impactful global partnership with NASDAQ OMX, anchored on the objective of together serving the financial community worldwide,” said Chairman and CEO of Borsa Istanbul İbrahim Turhan.

Key aspects of the agreement include the provision of NASDAQ OMX’s most advanced and complete selection of market technology solutions and advisory services, based on the globally market-leading Genium INET suite and all associated platforms and applications, with regional resell rights and also eventual self-sufficiency for Borsa Istanbul,” a joint press statemen released by two parteis have read.

Accordingly, the parties will work closely together to cement Borsa Istanbul’s position and brand as the capital markets hub for the Eurasia region, serving global issuers, investors, and corporations.