NYSE proposes tieup with Tokyo market

0 Comments | AFP, October, 2006

TOKYO (AFP) — The New York Stock Exchange has proposed a capital and operational tie-up with the Tokyo Stock Exchange, Japanese media said. The two sides would take roughly 10 percent stakes in each other by 2009 under the NYSE plan, marking the first talks of a capital alliance between a Japanese and US exchange, the Nihon Keizai Shimbun said in a dispatch from New York.

In addition to cross-listing such financial products as stocks, real estate investment trusts and exchange-traded funds, the proposal calls for the bourses to establish a market for Asian start-ups, with the Tokyo exchange overseeing the partnership's Asian strategy, the newspaper said. The exchanges would also co-develop a trading system and team up in transaction oversight, it said. NYSE group chief...