On Tuesday, NASDAQ OMX Group?(Nasdaq:NDAQ) and?Borsa Istanbul announced an agreement that has Nasdaq taking a five percent equity stake in the exchange. It will also have an?option to expand this by two percent; Nasdaq will also receive a series of cash payments.?
In addition, Borsa Istanbul will also take part in Nasdaq’s?technology and?advisory services through its Genium INET suite and associated platforms and applications. The two parties also plan to work together and integrate Borsa Istanbul’s position and brand as the capital markets hub for the Eurasia region as its serves global issuers, investors, and corporations.
Dr. Ibrahim M. Turhan, Chairman and CEO of Borsa Istanbul, said via a press release,?”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. I am confident that our combined team, powered by one of the most advanced technology suites available in the world today, will consistently offer cutting edge trading facility, innovation, platform breadth, and flexibility to customers worldwide.”
Bob?Greifeld, CEO, NASDAQ OMX, added, “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. 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.”