Stock exchanges from Brazil, Russia, India, Hong Kong and South Africa have entered into an alliance which they hope will expose investors to stocks particular to their markets. The exchanges will initially cross-list benchmark equity index derivatives on the boards of each of the other alliance members in a bid to increase economic partnerships. Later they plan to develop new products to track the exchanges. The initiative was announced at the 51st AGM of the World Federation of Exchanges (WFE) in Johannesburg yesterday. A joint statement said that the exchanges have a combined market capitalisation of 9 trillion Dollars. Officials said the initiative brings together the BM&FBOVESPA from Brazil, MICEX from Russia, Hong Kong Exchanges and Clearing (HKEx) as the initial China representative, and the Johannesburg Stock Exchange (JSE) of South Africa apart from the Bombay Stock Exchange and National Stock Exchange of India. A joint statement from the domestic bourses said the BSE and the National Stock Exchange (NSE) have signed letters of support and will join the alliance after finalising formalities. BSE head Madhu Kannan said in a statement that the BRICS exchanges alliance holds great promise, as it will create avenues for Indian investors to diversify and expand into other emerging markets. He said it will also provide unique opportunities to investors in the BRICS nations to participate and contribute in India's growth. Collectively, the five major emerging economies are known as BRICS. The five countries this year have taken a series of steps toward closer economic and diplomatic ties. The bourses have 9,481 companies listed on them and accounted for 18 per cent of global exchange-listed derivative contracts traded by volume as of June 2011.