The Micex Group and The Istanbul Stock Exchange (ISE) 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 bilateral cooperation 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."