NASDAQ, BIST deal nears end

ISTANBUL

The strategic partnership negotiations between Borsa Istanbul (BIST) and U.S. stock exchange NASDAQ are in the home stretch and the details of the agreement will be revealed on Dec. 31, BIST Chairman İbrahim Turan said.

“We are at the final stages of the negotiations, which have been going on for some time, in order to ink a strategic partnership with NASDAQ OMX Group, one of the world’s pioneer stock exchanges and capital markets technology provides,” Turhan said in a written statement released on Dec. 24. The shareholders of the stock exchange will be informed about details during the BIST’s extraordinary general assembly, he added.

The deal was signed in July, but is still subject to approval by Turkey’s Capital Markets Board (SPK), which is currently reviewing the terms of the deal. A month ago, Turhan said there were currently ten other international institutions that have accepted the strategic partnership with BIST in principle.