London, Istanbul strengthen global economies, says PM Davutoğlu

LONDON - Doğan News Agency

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Istanbul is an historical economic power and London is the capital city of the modern economy, and the unity of these two cities is important for both the European and the global economy, Turkish Prime Minister Ahmet Davutoğlu said on Jan. 20.

Speaking at a signing ceremony of the cooperation deal between Borsa Istanbul and the London Stock Exchange, covering derivatives and index products, Davutoğlu said the world economy would benefit from cooperation between the Istanbul and London stock exchanges.

Under the terms of the partnership agreement, the London Stock Exchange Derivatives Market (LSEDM) will offer trading in futures and options on the BIST 30 Index and on leading Turkish stocks.

The flagship BIST 30 Index futures currently trade, on average, more than 170,000 contracts per day on Borsa Istanbul. Subject to regulatory approval and customer readiness, London's trading in the products is expected to be made available in the second half of 2015.