Euro trading starts on Baltic exchanges

  • 2011-01-06
  • From wire reports

RIGA - Two of the three stock exchanges in the Baltic States began trading in euros for the first time on Jan. 3, two days after Estonia became the 17th member of the eurozone, reports dpa. On the first day of trading after Estonia abandoned its kroon currency, the entire infrastructure of the Tallinn stock exchange in Estonia was switched to euro trading.
Meanwhile, in Lithuania, on the Vilnius stock exchange, the euro was made available for the first time alongside the national currency, the litas.

“The core idea... is to provide a one-stop solution for trading, clearing and settlement in the Baltics, thereby making the region more accessible and attractive to local and international investors, as well as listed companies,” said Hans-Ole Jochumsen of Nasdaq OMX Group, which operates all three Baltic bourses.

Trading on the Latvian stock exchange in Riga will continue to be available only in the local currency, the lat, as regulators and the central bank have yet to back the bourse’s ambition to allow euro trading.

“It was our initial plan to do all the markets at the same time, but now that 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 the German press agency dpa.
Latvia has ambitions to adopt the euro in 2014.
Nasdaq OMX Group is the world’s largest exchange operator, with more than 3,600 companies listed on its international exchanges.