Nasdaq OMX Group Inc., the operator of the second-largest U.S. equity market, will provide Borsa Istanbul AS with the technology to operate its stock market under a new partnership agreement between the two companies.
Nasdaq will offer trading, clearing, market surveillance and risk-management technology to the Turkish exchange, the company said in a statement on its website today.
“The opportunity to provide not only our technology to power the Turkish markets, but also to become a strategic partner of Borsa Istanbul in order to further develop the region’s capital markets is a significant moment for our company,” Bob Greifeld, chief executive officer of New York-based Nasdaq said.
Nasdaq reported first-quarter profit in April that exceeded analysts’ estimates as revenue from information services and technology increased. Earnings excluding some items increased to 64 cents a share in the three months ended March 31 from 61 cents a year earlier. That beat the 62-cent average forecast of analysts surveyed by Bloomberg.
The information-services division, which accounts for 26 percent of revenue, generated sales of $108 million during the quarter, up from $102 million. The unit covers market data and index licensing. Nasdaq’s technology-solutions business, which contributes 18 percent of revenue, recorded sales of $73 million in the first quarter, compared with $66 million a year earlier.