NBG to launch ETF on Greek-Turkish stock index

ATHENS, Sept 30 (Reuters) - NBG Asset Management, a unit of Greece's National Bank (NBGr.AT: Quote, Profile, Research)(NBG.N: Quote, Profile, Research), will launch an exchange traded fund (ETF) to track the new Greek-Turkish stock index (GT 30), the Athens bourse said on Wednesday.

The Athens and Istanbul stock exchanges launched the common stock index as an investment tool for investors looking for exposure to Greek and Turkish equities.

"This ETF gives investors the opportunity to invest simultaneously in the two markets with just one trade. Easy access to foreign markets is launched this way, with Turkey being the first one," Hellenic Exchanges (EXCr.AT: Quote, Profile, Research) said.

The listing of the new ETF in the Greek market will take place at the beginning of 2010, it said.

The GT-30 index will be calculated and maintained by STOXX Ltd. The two bourses plan to develop derivatives on the new index, to be traded on both exchanges.

The largest 15 stocks from each country, based on market capitalisation, will make up the GT-30 index, with a maximum of four bank stocks from each market. The index will be reviewed semi-annually.

(For more information visit the Athens stock exchange's web site at: here) (Reporting by George Georgiopoulos, editing by Will Waterman)