The Istanbul Stock Exchange and Moscow Interbank Currency Exchange (MICEX) signed a Memorandum of Understanding (MoU) in Istanbul on October 26th, 2009. The MoU was signed by Mr. Hüseyin Erkan, ISE Chairman & CEO, and Mr. Konstantin K. Korischenko, MICEX President, in the presence of Prof. Vedat Akgiray, Chairman of the Capital Markets Board of Turkey.
The MoU envisages the two parties to cooperate with each other to facilitate the development of channels of communication and to foster a continuing relationship between the two parties for the benefit of the Turkish and Russian securities markets. Within the framework of the MoU, the parties intend to organize regular meetings between the senior executives and also arrange secondment of staff in order to enhance understanding of developments in each market. Further, the ISE and MICEX plan to carry out joint research projects for the purpose of calculation of a joint composite stock index, which may be the basis of index related products that can be traded on both markets.
Mr. Konstantin K. Korischenko, MICEX President, said “This MoU opens the way for our two Exchanges to start practical dialogue aimed at evaluating areas of bilateralcooperation for the sake of our national markets”. Mr. Hüseyin Erkan, the ISE Chairman & CEO, said “We are very pleased to sign this MoU with MICEX. I am sure that it will facilitate and accelerate our work especially in terms of calculating joint composite indices to be the basis of index related products tradeable on both markets. IT related solutions is also another essential
part of this MoU. We also strongly support the cooperation of the central clearing and depository institutions of both markets.”
The MICEX group is an integrated exchange that provides services related to electronic trading, clearing, settlements as well as depository and information services on the basis of a single technological platform. The Group serves leading Russian banks and broker companies on a number of key financial markets including the currency market, the government bonds market, the share market, the market for corporate and regional bonds, the derivatives market and the money market.
The ISE provides trading in various instruments, including stocks, bonds and bills, real estate certificates, and ETFs in an organized, transparent and reliable environment for local and international investors with its modern technological capabilities