Bourse to finalize partnership soon

ISTANBUL - Anatolia News Agency

Borsa Istanbul (BIST) is close to finalizing its strategic partnership.

Borsa Istanbul, (BIST), the new exchange body that has merged stock and gold exchanges under a single umbrella organization, is close to finalizing its strategic partnership, BIST Deputy Manager Çetin Ali Dönmez said yesterday.

Dönmez stated that the number of options had been narrowed down and they were now at the final stage in the strategic partnership process. They would announce the names in a couple of months, he added.

Last week İbrahim Turhan, BIST chairman and CEO, told daily Hürriyet that BIST was looking for strategic partners in three different categories to elevate its reputation.

“The first of these [categories] will be selected from among the groups that will support our technological infrastructure and enhance our market access. The second will be among the market makers that could permanently provide liquidity, and the third will be among large and private investment funds that are acknowledged as opinion leaders in the global markets,” he said, adding that 40.5 percent of the stock exchange would be given to strategic partners in the three categories.

Deutsche Börse said they were interested in the Turkish government’s plans to transform Istanbul into an international finance center as BIST was an important step in this attempt.

Turkish Deputy Prime Minister Ali Babacan also said they would like to establish closer ties between BIST and the U.S. Nasdaq.