Athens Exchange and Istanbul Stock Exchange jointly announce today the issue of a common index. The Greece & Turkey 30 Index (GT-30), which is a customized index will be calculated, maintained and distributed by STOXX Limited, the leading provider of European equity indexes.
The new Index will become an additional investment tool for retail and institutional investors, aiming to gain exposure to the upper and most liquid tier of the two markets.
The Index aims to facilitate cross border access between the two markets. It is a high priority for both exchanges to create new products, such as Exchange Traded Funds (ETFs) and derivative products, based on this new index, which will be listed and traded on both markets.
Mr. Spyros Capralos, Chairman of the Athens Exchange, said "We are especially pleased that the long term cooperation between the two exchanges is sealed today, with the issue of a common index (GT 30) which includes 15 stocks from each market. We believe that the common index, as well as the products that will be issued on it and listed on both exchanges, will provide additional choices to the investors of the two markets and facilitate the cross border access between the exchanges of Istanbul and Athens".
Mr. Hόseyin Erkan, the Istanbul Stock Exchange Chairman & CEO, said "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 of last year. Also, thanks to the new products to be based on GT-30, the product range offered by the Istanbul ISE and the Athens Exchange will be extended for portfolio investors. The launch of GT-30 is a further step in our close cooperation with the Athens Exchange".
The largest 15 stocks from each market will participate in the composition of the index, based on their full market capitalization in descending order. The number of stocks from the banking sector will be limited to 4 from each market. A capping factor of 10% will be applied to Index constituents.
The Index will be reviewed semiannually (March, September) as to its composition and four times per year (March, June, September and December) regarding capping factors.
See in detail the characteristics of the new index in the attached file.
For more information visit ATHEX web site at http://www.athex.gr/content/en/ann.asp?AnnID=105888