ECONOMY

Turkish and Greek bourses edge closer

Following the signing of a memorandum in Istanbul last week by the heads of the Greek and Turkish capital market commissions, Stavros Thomadakis and Dogan Cansizlar respectively, the two countries’ bourses are expected by year-end to have put in place the conditions and technical facilities for collaboration, according to Athens Stock Exchange (ASE) Chairman Panagiotis Alexakis. According to the plan, investors in the two countries will be able, as of the second half of next year, to conduct two-way transactions in baskets of shares each bourse will create, consisting of 10 respective stocks. The agreement also provides for the exchange of confidential information and cooperation at the technical level between the two capital market authorities. The Association of Members of the Athens Stock Exchange (SMEHA) also agreed with the respective Turkish body, TSPAKB, on the setting up of a six-member standing joint committee that will meet regularly to discuss matters of common interest and promote collaboration, according to a press release. Alexakis said that in the next few days ASE will issue the tender for construction of the 6 billion drachma headquarters of the parent company, Hellenic Exchanges.