Tokyo and NY link up

31 January 2007

Tokyo Stock Exchange (TSE) and New York Stock Exchange (NYSE) are to join up with a strategic alliance.

The two largest bourses in the world are to come together to incorporate technology and listings arrangements, although it is thought the initial deal could be a precursor to an eventual more concrete partnership.

The move across the Pacific follows NYSE's expansion in Europe with the acquisition of the Paris-based exchange operator Euronext. It has also taken a 20 per cent stake in India's National Stock Exchange in Mumbai.

Details of the strategic alliance will be announced later today, before TSE president & CEO Taizo Nishimuro and NYSE Group CEO John A Thain ring the opening bell on trading.

NYSE's progress comes as Nasdaq's efforts to acquire the London Stock Exchange head towards a conclusion, after the American market announced last week it would not raise its offer.

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