(November 5) – Nasdaq plans to
create a European version of its
popular tech exchange by the end of
2000. It could be a strong
competitior for the proposed
eight-exchange electronic alliance
already under construction among
Europe’s biggest exchanges. This
move also pushes the world closer
to the dream of a 24-hour
integrated global capital market.
The National Association of
Securities Dealers Inc. has
announced a joint venture with
SOFTBANK CORP. of Japan and
the venture capital arms of
News Corp. and Vivendi
to create Nasdaq-Europe, a private,
for-profit exchange.
The exchange will be modelled
on the existing Nasdaq market,
listing primarily high tech firms.
The proposed exchange will also
be linked with Nasdaq and Nasdaq-
Japan on an Internet-based
platform.
“Nasdaq-Europe is an important
step in creating an electronic
global stock market for the
benefit of companies and investors
around the world. Like its
counterparts in the U.S. and Asia,
we expect Nasdaq-Europe to be the
IPO market of choice and an
important contributor to job
creation and economic growth for
the region,” says Frank Zarb, the
NASD’s chairman and chief
executive.
The new market will be try to
integrate the best of old and new
exchange models by combining a
central limit order book with a
market-maker system. It plans to
seek exchange status in London,
operating across Europe under
that authority.
-IE Staff
For more please see: