Financial Times – By Philip Stafford – June 13, 2012
The US broker will offer its algorithmic and direct market access trading products to customers trading electronically on the Istanbul Stock Exchange via Citi Menkul, the local brokerage Citi bought five years ago.
It is a sign that overseas banks and brokers are looking to expand into the Middle Eastern country as it reforms its capital markets infrastructure. The country’s two main exchanges, the ISE and TurkDex, the Izmir-based derivatives exchange, are set to be combined into one “multi-asset” bourse as part of the government’s ambition to create a regional financial centre based in Istanbul.
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