(MENAFN- The Peninsula) Qatar Exchange (QE) and the Borsa Istanbul (Istanbul bourse) yesterday signed a Memorandum of Understanding (MoU) aiming to formalise cooperation between the two key markets.
The MoU was signed by Rashid bin Ali Al Mansoori, CEO of QE, and Tuncay Dinç, CEO of Borsa Istanbul in the presence of the Turkish delegation representing Borsa Istanbul. Al Mansoori said: "I am delighted to see this MoU signed between the two exchanges, hoping that it will help enhance the economic cooperation between the two countries."
"The MoU clearly fits in a range of agreements that have been signed between the State of Qatar and the Republic of Turkey and it signals the willingness of the two countries to cooperate and develop this relation further.
"The signing ceremony is just a beginning of further cooperation between the two exchanges. We will soon start the work that has to be done in order to implement the scopes of cooperation included in the MoU. I look forward to a long and mutually beneficial relationship between QSE and Borsa Istanbul," he added.
"We are extremely happy to see the two exchanges taking efforts in the mutual cooperation between Turkey and Qatar. We are also very happy to see both parties share the same mindsets aiming to achieve a bright future," said Dinc. "I am sure that this MoU will increase the level of cooperation between the two parties as we are hoping to establish a good atmosphere for investments and mutual cooperation. In the future, both parties will meet together periodically as we agreed on establishing working committees that will sit together every two months and both parties will meet together twice a year; once in Istanbul and once in Doha."
The MoU aims to establish and implement a procedure of mutual co-operation and agreement between the two Exchanges, primarily for the purpose of facilitating the execution of functions assigned to them, the exchange of information, the proper dissemination of information and the promotion of the integrity of the markets.
It provides a framework of co-operation, which includes the existence of a channel of communication between the two Exchanges, the increasing mutual recognition and the exchange of information of legal and technical content.
It also aims to develop opportunities to exchange information and expertise pertaining to their activities, markets and operations in order to establish a long-term relationship and contribute to improvement of their countries' capital markets, as well as exploring the opportunities of dual listing of securities to increase the competitiveness of both Borsa Istanbul and Qatar Stock Exchange.
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