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The trading of the new ETF of NBG Asset Management M.F.M.C. S.A. tracking the return of the common index of the Greek & Turkish market "Greece - Turkey 30" (GT-30) started today.
The new product, under the name NBGAM ETF GREECE & TURKEY 30 - EQUITY, is the first multimarket ETF. Through this new investment vehicle investors gain access to the largest stocks of the Greek and Turkish market simultaneously, with ease.
The GT-30 index, whose return will be tracked by the new ETF, is the result of the partnership of the Exchanges of Athens and Istanbul together with the worldwide known index provider STOXX Ltd. Its calculation started on September 28th 2009 and its composition includes the 15 top, in terms of capitalization, stocks from each market, with the number of stocks representing the banking sector limited to 4 from each market.
Mr. Socrates Lazaridis, Chairman of the Athens Exchange, stated after the start of trading of the new ETF : "We celebrate today the second big step, towards the closer cooperation of the two exchanges. After the launching of the GT30 index, today we are launching the ETF on this index This step-by-step cooperation that we have achieved so far, can undoubtedly be used as a launching pad for a broader collaboration. And taking into consideration that in order to build larger and more liquid markets, we need to facilitate cross border access and reduction of costs, we are confident that this new product will help both Exchanges to follow down that path.".
Mr. Hόseyin Erkan, Chairman & CEO of the Istanbul Stock Exchange said; "I am pleased to see the first results of our long-term cooperation with our colleagues, our close friends at the Athens Stock Exchange. I would like to congratulate the authorities of NBG Asset Management in Greece and Finans Invest in Turkey for taking the initiative to launch ETFs tracking a joint index, namely GT30. The trading of these ETFs will not only allow simultaneous exposure to both markets, but will also extend the product range in our markets for domestic and international portfolio investors. GT-30 will certainly add further visibility to both markets, which is also a significant contribution. I wish all the success for this ETF and hope for the endurance of our valuable cooperation with the Athens Stock Exchange".
Mr. Achilleas Kontogouris, Chairman & CEO of NBG Asset Management said: "The NBGAM ETF GREECE & TURKEY 30 - Equity enriches the Greek Collective Investments Market and the same time enriches investors' choices to diversify their portfolios and benefit from investment opportunities in the greater geographical area of Athens and Istanbul. I would like to express my acknowledgments to our colleagues of Finans Invest in Turkey for our excellent cooperation and also my appreciation to the executives of the Athens and Istanbul Stock Exchanges for their support and contribution to the success of this project."
