TALLINN STOCK EXCHANGE

ANNOUNCEMENT

 

BALTIC EXCHANGES SIGNED LETTER OF INTENT WITH NOREX ALLIANCE

 

Tallinn, Riga and Vilnius stock exchanges today signed in Stockholm 

a Letter of Intent aiming at partnership in the NOREX exchange 

alliance.

 

By signing the agreement the three Baltic exchanges have begun the 

process to join the alliance. A project organisation will be formed 

consisting of representatives of the NOREX Alliance and the Baltic 

exchanges, who will be working with harmonisation of rules for 

trading and listing, market surveillance, and other aspects. An 

important part of this work will be to develop and adjust the 

Baltic laws and regulations to a European standard.

 

"We are very pleased that the Baltic exchanges have chosen NOREX as 

their future partner. The co-operation will undoubtedly benefit all 

parties" says Mr Hans-Ole Jochumsen, chairman of Nordic Exchanges.

 

Gert Tiivas, Chairman of the Board of Tallinn Stock Exchange: "We 

are convinced that this project will take the Baltic markets into a 

new era, making it easier for everyone to invest in the best Baltic 

companies. Joining of the Alliance will also expand the financing 

possibilities for the Baltic companies. Working very hard we think 

we successfully can implement the project by mid 2001."

 

The NOREX Alliance was formed in 1998 by the Copenhagen Stock 

Exchange and OM Stockholm Exchange with the vision of a joint 

securities market based on a common trading system and trading 

rules. Since 1999, the exchanges have been using the same system 

for share trading, SAXESS, developed by OM Technology. A further 

step towards an integrated securities market will be taken this 

autumn when the Copenhagen Stock Exchange will move their bond 

trading to SAXESS. 

 

Oslo and Iceland stock exchanges signed a Letter of Intent to join 

the NOREX Alliance in November 1999 and March 2000, respectively.

 

 

Additional information:

 

Eva Palu

Head of Investor Relations Dept.

+372 6 408 840