Istanbul Stock Exchange will decide on future strategic partners by mid-2013 and merge with the Gold and Derivatives exchanges in the coming month, chairman Ibrahim Turhan said on November 22, as Turkey bids to create a regional financial hub. Turhan said bringing Istanbul Stock Exchange, the Gold Exchange and Derivatives Exchange under one roof - "Bourse Istanbul" - would mark an important step in the government's bid to privatise the bourse.
"Bourse Istanbul plans to acquire stakes in other bourses in the region," Turhan said in an interview with Reuters. "We could consider increasing our current stakes in the Azerbaijan, Sarajevo and Kyrgyzstan bourses, and buy stakes in other new bourses," he said. "We need a strong fellow traveller in terms of the reputation of "Bourse Istanbul." Turhan said the bourse had started the search for a strategic partner and that other bourses, technology firms, sovereign wealth fund managers and investment banks were interested in partnership.
Istanbul Stock Exchange currently owns a 24.5 percent stake in Kyrgyzstan bourse, 5.55 percent in Azerbaijan bourse and 5 percent in Sarajevo, according to its website. Turhan said new financial products and markets would be launched as Istanbul seeks to become a financial centre. Single stock futures and options will start trading this year, he said.
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