Baltic stock exchanges starts euro switchover following 2010 boom

TALLINN - Estonia and Lithuania have both begun trading in euros as the Baltic stock exchange launches a new year of trading following a high-growth 2010.

NASDAQ OMX Baltic today announced that during 2010, Baltic general indices have performed outstandingly compared to other European and even global average increases, a press release from the stock exchange said.

The Baltic Benchmark index increased to 534 points in the fourth quarter, rising 70% compared to the beginning of the year.

"2010 has been a very strong year for the Baltic markets. Increase of Baltic Benchmark index by 70% shows that all three Baltic economies have returned to growth after the recession," said Henrik Elfving, Vice President of NASDAQ OMX.

EUROZONE

With Estonia having adopted the euro on Jan. 1 of this year, Lithuania has also agreed to allow trading in euros with Latvia expected to soon follow suit.

"Moving over to euro in Estonia and Lithuania as the trading and clearing currency paves the way for greater investment flows into the market, boosting its liquidity and depth, which will benefit all current and potential investors in 2011," Elfving said.

Representatives of the exchange in Latvia said they are also working toward allowing trading in euros.

"It was our initial plan to do all the markets at the same time, but now there is a precedent in Lithuania, we hope this will enable us to win support from the central bank," Aris Dreimanis of the Riga stock exchange told DPA.