The Nasdaq OMX Group (Nasdaq:NDAQ) and Borsa Istanbul have signed a partnership agreement today, which aims to expand Borsa Istanbul's global presence, while substantially strengthening Istanbul's position as a regional hub for capital markets.
Borsa Istanbul will integrate and operate NASDAQ OMX's suite of world-class market technologies for trading, clearing, market surveillance and risk management, covering all asset classes including energy contracts. Further, the two companies will actively collaborate in the region. This strategic partnership points to a long-term commitment which would benefit member firms and customers of both exchanges.
"This is a notable milestone for Borsa Istanbul, as well as for Turkey, the surrounding region and the whole exchange industry," said Dr. Ibrahim M. Turhan, Chairman and CEO of Borsa Istanbul. "Our objective is to position Borsa Istanbul as a leading integrated multi-asset exchange, and to provide a cutting-edge platform serving issuers, investors, and traders globally. We are delighted by this partnership with such a powerful global brand, which covers not only a technology and know-how transfer, but also cements a strong operating union to capitalize jointly the commercial opportunities in the broader Eurasia region. Together with the Nasdaq OMX team we will leverage NASDAQ OMX's best-of-breed offering. Borsa Istanbul will have full control and deep knowledge of the technology and thus will be self-sufficient in this regard."
"We are very proud and honored to be working with Borsa Istanbul as they rapidly become an international financial hub and a true global player," said Bob Greifeld, CEO of NASDAQ OMX. "The opportunity to provide not only our technology to power the Turkish markets, but also to become a strategic partner of Borsa Istanbul, in order to further develop the region's capital markets is a significant moment for our company."
"This partnership is a substantial achievement for our market technology business," said Anna Ewing, Executive Vice President, Global Technology Solutions, NASDAQ OMX. "The opportunity to have our entire suite of market technology products, including our advisory services and broker services, at the he center of powering Borsa Istanbul is a clear indication of NASDAQ OMX's commitment to delivering industry-leading technology to our customers and strategic partners."