The Tokyo Stock Exchange (TSE) said yesterday it was discussing a tie-up with the NYSE, a move that could eventually pave the way for a bourse stretching across three continents.
World stock exchange operators are linking arms to facilitate easier cross-border trading while boosting their own competitiveness.
In June, the NYSE announced a 10-billion-dollar merger with pan-European exchange operator Euronext to create the world's first intercontinental market and has now opened talks with Asia's largest bourse.
"The Tokyo Stock Exchange and the New York Stock Exchange have held discussions over various possibilities including a possible operational tie-up," the TSE said in a statement.
"We are still in the process of rebuilding the next-generation computer system and attempting to be listed. We will consider tie-ups with foreign stock exchanges after our ongoing projects show steady progress," it said.
The TSE statement was in response to reports saying the Tokyo and New York exchange operators would take stakes of about 10 percent in each other by 2009 under a plan proposed by the NYSE.
NYSE group chief executive officer John Thain met his Tokyo counterpart Taizo Nishimuro earlier this month in the US and agreed to discuss details of the tie-up proposal, the reports said.
Thain has previously said the world's biggest bourse wants to take a position in possibly Tokyo, China and India within three to five years.
"Tokyo is the most logical place but also to have a position in China or India would also be attractive because they're growing quickly," he told reporters in August.
The TSE has had a disastrous past year. It suffered its worst-ever system crash in November last year that paralyzed the world's second largest bourse and forced it to shelve plans for a listing of its own.
The bourse's chief executive, Takuo Tsurushima, quit in December to take the blame for the chaos caused by another incident when a securities firm was unable to stop a massive botched trade caused by the slip of a finger.
Even worse, the TSE was then forced to close early for the first time ever in January after a scandal at Internet firm Livedoor Co sparked a stampede to exit the market that threatened to crash its trading system.
The TSE said in June it hoped to list in 2009 after regaining the trust of investors.
Meanwhile, the US NASDAQ Stock Market is in talks with the JASDAQ Securities Exchange, Jap-an's stock market for start-up companies, about a possible alliance, officials said.
Ther New York-based NASDAQ, which is dominated by US tech companies such as online search engine Google Inc, is also pursuing a takeover of the London Stock Exchange, Europe's biggest market.
The CIA has a message for Chinese government officials worried about their place in Chinese President Xi Jinping’s (習近平) government: Come work with us. The agency released two Mandarin-language videos on social media on Thursday inviting disgruntled officials to contact the CIA. The recruitment videos posted on YouTube and X racked up more than 5 million views combined in their first day. The outreach comes as CIA Director John Ratcliffe has vowed to boost the agency’s use of intelligence from human sources and its focus on China, which has recently targeted US officials with its own espionage operations. The videos are “aimed at
STEADFAST FRIEND: The bills encourage increased Taiwan-US engagement and address China’s distortion of UN Resolution 2758 to isolate Taiwan internationally The Presidential Office yesterday thanked the US House of Representatives for unanimously passing two Taiwan-related bills highlighting its solid support for Taiwan’s democracy and global participation, and for deepening bilateral relations. One of the bills, the Taiwan Assurance Implementation Act, requires the US Department of State to periodically review its guidelines for engagement with Taiwan, and report to the US Congress on the guidelines and plans to lift self-imposed limitations on US-Taiwan engagement. The other bill is the Taiwan International Solidarity Act, which clarifies that UN Resolution 2758 does not address the issue of the representation of Taiwan or its people in
US Indo-Pacific Commander Admiral Samuel Paparo on Friday expressed concern over the rate at which China is diversifying its military exercises, the Financial Times (FT) reported on Saturday. “The rates of change on the depth and breadth of their exercises is the one non-linear effect that I’ve seen in the last year that wakes me up at night or keeps me up at night,” Paparo was quoted by FT as saying while attending the annual Sedona Forum at the McCain Institute in Arizona. Paparo also expressed concern over the speed with which China was expanding its military. While the US
SHIFT: Taiwan’s better-than-expected first-quarter GDP and signs of weakness in the US have driven global capital back to emerging markets, the central bank head said The central bank yesterday blamed market speculation for the steep rise in the local currency, and urged exporters and financial institutions to stay calm and stop panic sell-offs to avoid hurting their own profitability. The nation’s top monetary policymaker said that it would step in, if necessary, to maintain order and stability in the foreign exchange market. The remarks came as the NT dollar yesterday closed up NT$0.919 to NT$30.145 against the US dollar in Taipei trading, after rising as high as NT$29.59 in intraday trading. The local currency has surged 5.85 percent against the greenback over the past two sessions, central
RSS