MOU Between ADX and ISE and MOU between ADX and Takasbank

Wednesday, 28 April 2010

During the OIC meetings in Abu Dhabi ADX is to sign two Memorandums of Understanding (MoUs) with ISE and Takasbank, its settlement and custody bank. The agreements pertain to enhancing the scope of cooperation between ADX and ISE through a framework of exchanging information and expertise in areas such as regulations and operations. The memorandums also stipulate mutual assistance with each party pledging best of efforts to fulfill this cooperation framework.
“Turkey is among the leading emerging markets, while the UAE has been recently admitted to the club by FTSE, and accordingly it is only natural that we seek enhancing our cooperation. Being both Islamic countries, one can only expect that such cooperation can yield a very fruitful outcome in relation to this promising field of finance,” Al Baloushi explained.
ISE was established in December 1985, and is the only securities exchange in Turkey set with the purpose of providing trading in stocks, exchange traded funds, government bonds, Treasury bills, corporate bonds, money market instruments (repo/reverse repo), revenue-sharing certificates, real estate certificates and foreign securities.
The MoU with ISE sets a well-defined cooperation framework for the two parties aiming at facilitating the development of channels of communication and to foster the continuous relationship for the respective benefit of the securities markets in both countries.
The scope of cooperation includes capital markets related information exchange, as well as technical assistance and employees exchange schemes through the secondment of staff to enhance mutual understanding for each party’s activities.