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Tokyo Stock Exchange to Mesh with NYSE?
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The Tokyo Stock Exchange is discussing an operational tie-up with the New York Stock Exchange. Earlier this month Nasdaq, NYSE's biggest rival, signed cooperative agreements with the Korea Exchange and Tokyo-based Jasdaq.
Under the proposed alliance between NYSE and TSE, the exchanges will take about 10 percent stakes in each other by 2009. The proposal also calls for the exchanges to establish a market for Asian start-ups, with the TSE overseeing their Asian strategy, in addition to cross-listing, the paper said.
NYSE declined to comment, but analysts had long expected some combination between the two exchanges. A more overt takeover bid from NYSE would probably meet resistance from Japanese regulators, Lee said, noting "in any country you always run into nationalist sentiments."
Asian inroads come as the Big Board hopes to soon complete its purchase of Paris-based Euronext (ENXT.PA). The exchange expects shareholders to vote on that offer in December.
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Barry
Mr. Do It All
Nov 2, 2006, 12:02 PM
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