Borsa Istanbul and Nasdaq have announced that Borsa Istanbul has officially gone live on nine of Nasdaq's market-leading technologies including trading and clearing, settlement, market data management, index calculation, market surveillance, business intelligence, and pre- and post-trade risk management.
The initial implementation is for Borsa Istanbul's equity market. The Turkish exchange will also go live on Nasdaq technology for all other markets, including derivatives, debt securities, and precious metals markets.
The "transformation with technology" program, branded BISTECH by Borsa Istanbul, is a critical milestone in a series of major transformative steps aimed at making the Turkish capital markets more globally competitive.
"We are delighted to have established a high impact global partnership with Nasdaq, anchored by the objective of serving the financial community in the region and worldwide," said Tuncay Dinç, CEO, Borsa Istanbul. "I am confident that our combined know-how, powered by one of the most advanced technology suites available in the world today, will consistently offer a cutting edge trading experience to customers worldwide with greater opportunity, innovation and flexibility. BISTECH transformation is a huge step for Borsa Istanbul on the path toward our vision of becoming a global player."
"It has been an honor working with Borsa Istanbul as they emerge, unequivocally, as the capital markets heart of Eurasia," said Bob Greifeld, CEO, Nasdaq. "Their relentless dedication to achieving success in growing their business makes them a perfect partner for Nasdaq. We look forward to continuing our very successful relationship with Borsa Istanbul."
The strategic partnership with Nasdaq underscores Borsa Istanbul's position and brand as the capital markets center for the Eurasia region, serving global issuers and investors. Borsa Istanbul also launched a new, environmentally-sensitive data center which offers co-location services that will facilitate high-frequency and algorithmic trading, and provides faster access to investors in remote locations.
"The technology and advisory project with Borsa Istanbul has been the largest, most complex and most ambitious project to date for Nasdaq - we're very proud of it," said Lars Ottersgård, Executive Vice President and Head of Market Technology, Nasdaq. "Creating a globally competitive capital market ecosystem is no small feat. As our client and partner, Borsa Istanbul has been absolutely dedicated to achieving success and this significant and successful go-live is a clear indication of this. We're thrilled to be supporting them in this substantial endeavor."
The inaugural go-live is a culmination of extensive collaboration between Borsa Istanbul and Nasdaq, following the signing of the first indicative agreement in July 2013, and announcing the official partnership in December 2013. Nasdaq also owns five percent equity stake in Borsa Istanbul.