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.
