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Dec 31, 2013 14:46 EEST
December 31 (SeeNews) - NASDAQ OMX Group and Borsa Istanbul concluded on Tuesday a wide-ranging agreement, which includes NASDAQ OMX helping build a world-class capital markets hub for the Eurasia region and it taking an equity stake in the Turkish bourse operator, the U.S. company said.
NASDAQ OMX said in a press release it will take a 5.0% equity stake in Borsa Istanbul, with an option to increase this by an additional 2.0%.
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NASDAQ OMX will also receive a series of cash payments. The parties' forward cooperation pathway may also include a minority participation by Borsa Istanbul in NASDAQ OMX.
Key aspects of the agreement include the provision of NASDAQ OMX's most advanced and complete selection of market technology solutions and advisory services, with regional resell rights and also eventual self-sufficiency for Borsa Istanbul.
NASDAQ OMX, which is home to more than 3,300 listed companies, provides trading, exchange technology, information and public company services across six continents.
Borsa Istanbul, through its subsidiaries - Takasbank and MKK - the Central Securities Depository Agency, is the sole provider in Turkey, of trading, settlement, custody and registry services for a wide range of products such as equities, debt securities, repo, warrants, options, futures, certificates and ETFs.
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