The BM&F BOVESPA from Brazil, MICEX from Russia, Hong Kong Exchanges and Clearing Limited (HKEx) and South Africa's JSE would start the product-sharing by June 2012.
The National Stock Exchange of India (NSE) and the BSE Ltd will join after meeting the final requirements in their country. The exchanges have a combined market capitalisation of $9 trillion, they said in a joint statement.
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.
"We are all looking for ways to grow, to expand our core market. BRICS is a really big commodity play," said HKEx chief executive Charles Li in a statement.
The decision was announced at the World Federation of Exchanges (WFE) in Johannesburg.
Under the deal, the exchanges will cross-list benchmark equity index derivatives. Later they plan to develop new products to track the exchanges.
The bourses have 9,481 companies listed on them and accounted for 18 percent of global exchange-listed derivative contracts traded by volume as of June 2011.
"The BRICS exchanges alliance holds great promise, as it will create avenues for Indian investors to diversify and expand into other emerging markets," said BSE head Madhu Kannan.