The head of the Tokyo Stock Ex-change (TSE) said yesterday that the bourse was open to tie-up talks with any global counterpart, stressing that a proposed alliance with the New York Stock Ex-change (NYSE) was not exclusive.
"It is true that negotiations with New York [Stock Exchange] are making progress, but talks with others are also becoming more detailed," TSE president Taizo Nishimuro told a news conference without naming the other parties.
"We are not saying that the Tokyo Stock Exchange will not hold talks with others" besides the New York bourse, he said.
"I understand that both [the TSE and the NYSE] are open to trading coordination and business tie-ups with others," he said.
The TSE said on Friday 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 exchanges are linking arms to facilitate easier cross-border trading while boosting their own competitiveness.
In June, the NYSE announced a US$10 billion 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.
News reports have said 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.
But Nishimuro said an immediate tie-up with the NYSE was still unlikely.
"It is true that we have discussed capital tie-ups since March 8," when Nishimuro met NYSE group chief executive officer John Thain, he said.
"But we have also confirmed that the planned tie-up cannot be achieved until 2008 or 2009 when the Tokyo Stock Exchange is listed," he said.
The TSE has had a disastrous past year. It suffered its worst-ever system crash last November and forced it to shelve plans for a listing of its own.
The TSE was also forced to close early for the first time ever in January after a scandal at Internet firm Livedoor sparked a stampede to exit the market that threatened to crash its trading system.
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