TALLINN - The Tallinn Stock Exchange has appointed Kaidi Oone as new acting chairman of the management board and vice president of Baltic Markets in a major shake-up of the exchange's operations.
Outgoing CEO Gert Tiivas was appointed member of the council. Also recalled from the management board was Jaanus Erlemann, former chairman of the management board, who is scheduled to leave the company by the end of June. The decisions are effective April 11.
In her new position Kaidi Oone will be responsible for strategic and continuous development of the Tallinn Stock Exchange and the Estonian Central Securities Depository, the exchange said in a news release.
Oone has previously worked as managing director of the Estonian CSD. She joined the OMX team in 2001.
Oone arrives at the helm at a challenging time for the Tallinn Stock Exchange, which is losing Hansapank after Swedbank decided to pull it off the market. The Baltic's largest bank has traditionally accounted for the lion's share of daily equity trading.
"One of the most important assignments is to assure cooperation with Estonian companies 's to supply professional service and support for listing companies on the stock exchange. I see great perspectives both for the stock exchange and registry, which need to be achieved to assure the continuous development of the Estonian economy," added Oone.
As of March 1, Johan Ruden is president of Baltic Markets, an entity that includes the exchanges of Tallinn, Riga and Vilnius, as well as the central securities depositories in Estonia and Latvia.
Meanwhile, it was reported this week that, as part of the integration of the Nordic and Baltic markets, the Tallinn, Riga and Vilnius stock exchanges will introduce the Global Industry Classification Standard starting July 1.
"A common Nordic and Baltic industry classification increases the international comparability of listed companies and provides the companies with a clearly defined and larger peer group," the Tallinn Stock Exchange said in a statement.
GICS was developed by Morgan Stanley Capital International and Standard & Poor's, and the two firms estimate that the standard covers approximately 95 percent of the world's equity market capitalization.
