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Saturday October 28, 2:19 AMTSE says in tie-up talks with NYSE
The move, which would combine the Big Board with Asia's largest marketplace, comes amid a flurry of activity as U.S. exchanges seek a footprint in Asian markets. Earlier this month Nasdaq, NYSE's biggest rival, signed cooperative agreements with the Korea Exchange and Tokyo-based Jasdaq. Under the proposed alliance between NYSE and TSE, the exchanges will take about 10 percent stakes in each other by 2009, Japanese financial daily Nihon Keizai said on Friday. The proposal also calls for the exchanges to establish a market for Asian start-ups, with the TSE overseeing their Asian strategy, in addition to cross-listing, the paper said. NYSE declined to comment, but analysts had long expected some combination between the two exchanges. Earlier this month, NYSE Chief Executive John Thain told reporters he was focused on an increased Asian presence and discussing a "range of topics" with TSE. An operational tie-up could make sense for both exchanges, said Sang Lee, managing partner of Boston advisory firm Aite Group. "Assuming this refers to an exchange of ideas and technology, (the tie-up) would help TSE improve its overall infrastructure and certainly give NYSE a gradual footprint in Asia." A more overt takeover bid from NYSE would probably meet resistance from Japanese regulators, Lee said, noting "in any country you always run into nationalist sentiments." But if pressured by rival exchanges or domestic brokerages like behemoth Nomura Holdings, TSE could also be open to an overseas merger, Lee added. Asian inroads come as the Big Board hopes to soon complete its purchase of Paris-based Euronext . The exchange expects shareholders to vote on that offer in December, NYSE executives said on a conference call on Thursday. (Additional reporting by Aiko Hayashi in TOKYO) |
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