Nasdaq OMX Group and Borsa Istanbul have signed a partnership deal under which the U.S.-based financial services company will provide exchange technology to the Turkish bourse, which is aiming to make Istanbul a regional financial hub.
Borsa Istanbul will integrate and operate Nasdaq OMX’s market technologies for trading, clearing, market surveillance and risk management, covering all asset classes including energy contracts, Nasdaq said in a statement on Wednesday.
The deal aims to expand the Istanbul exchange’s global presence, while strengthening its position as a regional hub for capital markets, it said.
“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,” Borsa Istanbul Chairman Ibrahim Turhan said in the statement.
Turhan said the partnership with Nasdaq OMX includes a technology transfer and an operating union to capitalize together on commercial opportunities in Eurasia.
Turkey merged the Istanbul Stock Exchange, Gold Exchange and Derivatives Exchange into Borsa Istanbul this year ahead of a planned privatization as it seeks to attract growing trade from the world’s leading investment banks and brokers.
State-owned Borsa Istanbul will be ready to list its shares in early 2016, Turhan told Reuters in June.