10/2/2009

Istanbul and Athens stock exchanges create joint index

Hurriyet Daily News - In a landmark development, the Athens Stock Exchange and the Istanbul Stock Exchange have announced the creation of an index with the 30 largest companies to boost trading in the region’s largest stock markets. The “Greece and Turkey 30 Index” will be calculated, maintained and distributed by STOXX Limited, an index compiler, according to a joint statement by the two bourses this week. The index will comprise 15 of the largest and most heavily traded companies from each market. The number of stocks from the banking sector will be limited to four from each market. "The GT-30 will certainly add further visibility to both markets, which is a significant contribution at a time when the world markets are gradually recovering from the financial turmoil”, said Huseyin Erkan, Chairman of the Istanbul Stock Exchange (IMKB). The common index will facilitate cross-border access between the two markets and assist in the creation of exchange-traded funds and derivative products.