Posted on June 05, 2011

Qatar Exchange (QE) and the Cyprus Stock Exchange (CSE) today signed a Memorandum of Understanding (MOU) at the QE premises in Doha.  The purpose of the MOU is to formalize cooperation between the two markets.

The Memorandum of Understanding was signed by Mr. Andre Went, CEO of Qatar Exchange and by Mr Epaminondas Metaxas, CEO of the Cyprus Stock Exchange.

In the signing ceremony, Mr. Went stated that "I am delighted to see this MOU signed between the two exchanges, hoping that it will help enhance the economic cooperation between the two countries. The MOU clearly fits in a range of agreements that have been signed between the State of Qatar and the republic of Cyprus and it signals the willingness of the two countries to cooperate and develop this relation further.  The signing ceremony today is just a beginning of further cooperation between the two exchanges. We will soon start the work that has to be done in order to implement the scopes of cooperation included in the MOU..  I look forward to a long and mutually beneficial relationship between QE and the Cyprus Stock Exchange.”.

On his part Mr Metaxas, Chairman of Cyprus Stock Exchange, thanked the Qatar Exchange and said he was confident that the MOU will prove to be a useful instrument not only to further strengthen the level of cooperation between the two exchanges, but also to open new areas of business opportunities for the market participants both in Qatar and in Cyprus.

Mr. Metaxas stated that "It is our determination to work closely with Qatar Exchange and to see this cooperation taking practical dimension since exchanges are instruments of growth and cooperation.  We are extremely happy to see the two exchanges taking efforts in the mutual cooperation between Cyprus and a dynamic country like Qatar."

The purpose of this Memorandum of Understanding is to establish and implement a procedure of mutual co-operation and agreement between the two Exchanges, primarily for the purpose of facilitating the execution of functions assigned to them, the exchange of information, the proper dissemination of information and the promotion of the integrity of the markets.  This Memorandum of Understanding provides a framework of co-operation, which includes the existence of a channel of communication between the two Exchanges, the increasing mutual recognition and the exchange of information of legal and technical content.

The ceremony was attended by  H.E  Panicos Kyriakou, ambassador of the Republic of Cyprus to the State of Qatar and Mr Rashid Al-Mansoori, Deputy CEO of Qatar Exchange.

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