Tokyo looks to form global market

Published: 9 June 2000 y., Friday
The Tokyo Stock Exchange said on Wednesday it had started discussions with the New York Stock Exchange, Euronext and other exchanges about forming a global equities market. THE MOVE underlines the Tokyo Stock Exchange (or TSE’s) determination not to be left out of a headlong rush towards 24-hour, round-the-world trading inspired by technological developments and global capital markets. The talks involve exchanges in Australia, Hong Kong, Toronto, Mexico and Sao Paulo, said the TSE, whose position as Japan’s preeminent stock exchange could in time be challenged by the June 23 launch of Nasdaq Japan, a sister version of the U.S. Nasdaq market and part of Nasdaq’s own global ambitions. The market would offer open-all-hours trade in big name, international stocks to global investors by linking exchanges in three time zones — Asia-Pacific, Europe-Middle East-Africa and North and South America. It would also help increase market liquidity while improving trade efficiency by reducing costs for investors, officials said. “Nothing concrete has been decided,” a TSE official said, adding the exchanges plan to hold a first meeting on a working basis soon.
Šaltinis: MSNBC
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