US allows trade of Turkish stock index futures

Wed Aug 18, 2010 3:08pm EDT

* US investors can buy, sell futures based on ISE-30

* Turkish stocks have recently traded at record highs

WASHINGTON Aug 18 (Reuters) - The U.S. futures regulator said on Wednesday it will allow U.S. investors to buy and sell a futures contract on the Turkish Derivatives Exchange that tracks the Istanbul Stock Exchange 30 Stock Index.

The Commodity Futures Trading Commission said it issued a "no-action letter" approving the product for U.S. customers of futures commission merchants and authorized members of the Turkish exchange. (Link: r.reuters.com/ret75n)

The market capitalization of the ISE-30 .XU030 was approximately $58.2 billion as of July 9, the CFTC said.

The ISE-30 is a composite index of 30 actively traded stocks listed on the Istanbul exchange, accounting for 70 percent of Turkey's market volume and market capitalization, the CFTC said.

Turkish stocks have recently traded at record highs, with the exchange's index of top 100 stocks .XU100 rising almost 14 percent this year. [ID:nLDE66S1LU] (Reporting by Roberta Rampton; Editing by Lisa Shumaker)

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