To: sim chambers who wrote (9154 ) 11/3/1999 7:01:00 PM From: Spytrdr Read Replies (1) | Respond to of 13953
GUESS WHO'S BEHIND NASDAQ JAPAN...? Nasdaq to announce Nasdaq Europe in a few days Wednesday November 3, 5:57 pm Eastern Time NEW YORK, Nov 3 (Reuters) - The Nasdaq, the nation's largest electronic stock market, is expected to announce in the next couple of days it will set up Nasdaq Europe, a pan-European stock market modeled after its U.S. trading systems, Nasdaq officials said. Nasdaq President Alfred Berkeley III on Wednesday, during a speech at the New York Society of Securities Analysts, hinted that Nasdaq would announce some news about its plans in Europe in the next few days. He did not elaborate. Nasdaq Europe, which is to be London-based, would serve as an alternative electronic market for European shares, the officials said. They added that Nasdaq Europe would promote itself as a market through which European investors could easily buy U.S. Nasdaq stocks, officials said. Frank Zarb, chairman of the National Association of Securities Dealers (NASD), the organization that owns the Nasdaq, on Oct. 27 confirmed a Wall Street Journal report that the Nasdaq was planning to set up a sibling stock market in Europe. The Journal had reported that Nasdaq was feeling out European securities firms about their willingness to back a pan-European market. Nasdaq's plan to enter Europe mark the second time that the highly successful, technology-laden stock market is taking its blueprint overseas. The NASD said in June it would launch a version of its trading system in Japan along with Softbank Corp , a major Japanese technology investor. Nasdaq Japan is expected to be operating by 2001.