"The two exchanges, despite their low volume of trading, are modern and well-structured institutions," Yagodin said after the signing. "When there is an approximation of models of the exchanges and partnership, it is easier to find a strategic investor for them," he added.

"The Sofia and Skopje exchanges can implement jointly particular projects," Steriev said for his part. "The agreement signed today sends signals to investors both in our region and beyond."

He expressed confidence that the two exchanges will pursue further cooperation on other projects as well.

By virtue of the agreement, the two exchanges undertake to provide each other with end-of-the-day information on changes in their indices, stocks that have gained and lost during the day, number of transactions, volume of securities traded, daily trade by market segment, issuers' market capitalization and other stock market data.

In addition, a number of financial ratios for the ten most liquid securities will be calculated and published on the web sites of the two exchanges.

Steriev and Yagodin noted that the Belgrade Stock Exchange will join the Agreement shortly.