TALLINN STOCK EXCHANGE

ANNOUNCEMENT

06.08.99 

 

BALTIC COOPERATION MEETING

 

Representatives of the three Baltic Exchanges held their regular 

quarterly meeting in Tallinn on Friday to discuss the progress to 

date 

and future projects towards the integration of Estonian, Latvian 

and 

Lithuanian stock markets.

 

Main topics on the agenda were Baltic Exchanges' co-operation with 

international exchange alliances, the principles of the Baltic List 

to 

be formed of local blue-chip securities, the publication of joint 

statistics and the creation of a common web-site.

 

The chief executives of the Baltic Exchanges noted with 

satisfaction 

that work towards integrating the three markets has gained 

considerable 

momentum. In early July a real-time data-feed was successfully 

launched 

between Tallinn and Riga; Vilnius is expected to join the project 

later 

this year.

 

The chief executives also discussed the Baltic Exchanges' strategy 

towards joining international exchange alliances. Carl Johan 

Högbom, 

President of the OM Stockholm Exchange and Klaus Thorball of the 

Copenhagen Stock Exchange presented the co-operation model of the 

NOREX 

Alliance and discussions were held on possible co-operation between 

the 

Baltic Exchanges and the NOREX Alliance.

 

It was noted that in all states there exist regulatory barriers to 

achieving remote membership. The Exchanges feel strongly that 

current 

barriers make the application of remote membership a complicated 

and 

expensive procedure. The Exchanges propose to the respective 

authorities to recognize mutually security intermediary licenses of 

each country.

 

The Working Group on Listing discussed the quantitative and 

qualitative

criteria for the Baltic List, the creation of the Baltic Index, as 

well 

as harmonization of information disclosure and listing rules.  

Harmonizing statistics methodology in line with relevant 

recommendation 

of the Federation of European Stock Exchanges (FESE) and the 

creation 

of a common web-site were discussed in the Public Relations Working 

Group.  The IT/Trading Working Group discussed further developing 

the 

data feed and implementing it in Vilnius, thereby creating a 

real-time 

link between the three markets.

 

 

Additional information:

 

Eva Palu

Manager of Investor Relations Department

Tel: +372 6408 862

 

 

TSE