Turkish derivatives to launch on London Stock Exchange on Sept 14

LONDON

People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. Reuters Photo

The trading of Turkish equity index derivatives products on the London Stock Exchange Derivatives Market will start on Sept. 14, the London Stock Exchange Group (LSEG) has said following a partnership agreement signed between the LSEG and Borsa Istanbul earlier this year.

“From Sept. 14, the London Stock Exchange’s global client base will be able to trade futures and options on the BIST 30 Index, Turkey’s leading index. The flagship BIST 30 Index futures currently trade, on average, more than 180,000 contracts per day on the Borsa Istanbul Derivatives Market (VIOP). Liquidity will be provided on screen by market makers,” the LSEG said Sept. 10. 

LCH.Clearnet will provide central counterparty services to the London Stock Exchange Derivatives Market and its clearing members.

“This partnership agreement is wide-ranging and is designed not to just link the two stock markets, but to create a lasting bond between the U.K. and Turkish financial centers – helping Istanbul to grow as an international financial hub. Indeed, positive developments in the Turkish economy in the last decade have brought Turkey and Istanbul to the forefront,” said Abdurrahman Bilgiç, Turkey’s ambassador to the U.K. 

Nicolas Bertrand, head of equities and derivatives of the London Stock Exchange Group said the launch of the BIST 30 Index futures and options is a significant step in the expansion of the London Stock Exchange Derivatives Market and Borsa Istanbul’s capital markets business.

“It also reflects LSEG’s commitment to an open-access approach, partnering with other exchanges like Borsa Istanbul as it builds on its ambition to become a major regional financial center,” he added.