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Thursday July 6, 12:10 PMTokyo bourse to link up with Korean ExchangeTOKYO, July 6 (Reuters) - The Tokyo Stock Exchange (TSE) said on Thursday it would form an alliance with the Korea Exchange, as competition heats up among bourses worldwide.The two will consider allowing stocks listed on one of the exchanges to be traded at the other exchange, while they also plan to hold joint briefings for investors and companies, a TSE spokesman said. He added the bourses would sign a memorandum of cooperation on Friday. TSE, which has already been exchanging information with its Korean counterpart, said in March it wanted to cement its position as Asia's biggest bourse and would encourage foreign companies, especially those in the region, to list on the bourse. Stock exchanges around the world have been teaming up recently to boost their competitiveness. Euronext agreed last month to merge with New York Stock Exchange operator NYSE Group in a $10 billion deal, and Nasdaq Stock Market in May raised its stake in the London Stock Exchange to 25.1 percent. Jung-hwan Lee, president of the management strategy division of the Korea Exchange, said on Monday his exchange would sign a memorandum of cooperation with the Nasdaq in October, although he declined to comment on the specifics of the agreement. TSE, which is hoping to list its own shares by end-2009, has been suffering from a series of technical glitches that forced it to shorten trading hours for some three months from January, a day after a flood of orders nearly swamped its computer system. Late last year it also faced a problem when a trader at Mizuho Securities was unable to cancel a wrong order, leading to a $350 million loss for the brokerage. TSE, which lists more than 2,300 companies and accounts for more than 90 percent of stock trading in Japan, has said it was earmarking more than $500 million by March 2009 on systems improvements. |
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