(ECO) TURKISH AND RUSSIAN EXCHANGES SIGN COOPERATION DEAL.ISTANBUL, Oct 26, 2009 (TUR) -- The Turkish and Russian stock exchanges signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. on Monday. The Istanbul Stock Exchange Istanbul Stock Exchange The sole securities exchange in Turkey. of Turkey (IMKB IMKB Istanbul Menkul Kiymetler Borsasi (Istanbul Stock Exchange) ) and the Moscow Interbank Currency Exchange Moscow Interbank Currency Exchange (MICEX) Established in 1992, the most liquid and best organized financial exchange in Russia. (MICEX See Moscow Interbank Currency Exchange. ) signed a memorandum of understanding to improve Turkish and Russian capital markets and share of information, the IMKB said. The IMKB released a statement in which it said the memorandum aimed to improve relations and cooperation between the two stock exchanges. Also, the memorandum of understanding foresaw forming a common index between IMKB and MICEX. IMKB is the only corporation in Turkey for securities exchange established to provide trading in equities, bonds and bills, revenue-sharing certificates, private sector bonds, foreign securities and real estate certificates as well as international securities. The exchange was founded as an autonomous, professional organization in early 1986. The stock exchange is home to 320 national companies. All IMKB members are incorporated banks and brokerage houses. Opened in 1992, MICEX is the leading Russian stock exchange, consisting of shares and corporate bonds about 600 Russian companies with a total capitalization of nearly 24 trillion Rubles. MICEX consists of about 550 participating organizations and members, which do trading for their clients. In 2006 the volume of transactions on the MICEX reached 20.38 trillion rubles (754.9 billion USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), representing more than 90 percent of the total turnover of the leading stock exchanges in the Russian stock market. (THROUGH ASIA PULSE) |
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