NOREX Invites TSE to Official Talks

27.09.1999 TLN

On Friday, 24.09.99, the NOREX Alliance, composed of the Stockholm and Copenhagen stock exchanges, formally invited the Tallinn Stock Exchange, together with the other Baltic bourses, to commence negotiations aimed at joining the NOREX Alliance. As the next step, a Letter of Intent shall be signed by the parties.

Gert Tiivas, chairman of the management board of the TSE: "We are glad that NOREX Alliance has showed their strong determination to cooperate with the Baltic Exchanges. Although a lot of issues need to be discussed and resolved, we strive to move the process forward without undue delay to reach an agreement satisfactory to all parties.

Integration with NOREX should be a major qualitative leap for the Baltic Exchanges, which should help us to serve our clients much better. The TSE would gain access to a global distribution network, including all the largest Scandinavian as well as majority of the world’s leading securities firms.

The Estonian investors and Exchange members would benefit from a simplified and more cost-efficient access to a wide circle of financial instruments of all Scandinavian countries, enabling to trade at lower cost and better diversify their securities portfolios. It would also provide Estonian listed companies with direct access to Scandinavian and European capital markets, thus creating better and cheaper financing possibilities.

We look forward to working with our Scandinavian colleagues on creating a one-stop-shop for all Nordic and Baltic financial products."

Contact persons:

Eva Palu
Head of Investor Relations Dpt
Tallinn Stock Exchange
tel. +372 6 408 862

Hans-Ole Jochumsen
Deputy Chairman, Nordic Exchanges A/S
President & CEO, Copenhagen Stock Exchange
tel. +45 3393 3366

Erica Brown
Vice President, Nordic Exchanges A/S
Head of Research, OM Stockholm Exchange
tel. +46 8405 6846