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To: Jim Willie CB who wrote (47962)	11/5/1999 9:38:00 AM
From: T L Comiskey	Respond to of 152472

Jim.....OT...Gotta LOVE that 3RD Line......!! Friday November 5 9:20 AM ET Nasdaq Planning European Venture By BRUCE STANLEY AP Business Writer LONDON (AP) - The Nasdaq Stock Market announced plans today to create an Internet-based European stock market, aiming to help raise money for the region's high-growth firms and make it easier for Europeans to invest in U.S. and Asian companies. Nasdaq-Europe, set to begin operating late next year, would create a 24-hour trading network with its links to Nasdaq in the United States and to the market Nasdaq already plans to open in Japan. It would be based in London but have branches across Europe. !!!! Nasdaq is the world's largest stock market and its trading is dominated by the high-growth technology companies that list their shares on it.!!!! Its parent, the National Association of Securities Dealers Inc., has formed a joint venture for Europe that includes Softbank Corp. of Japan and the venture capital arms of Rupert Murdoch's News Corp. media conglomerate and France's Vivendi industrial group. Their announcement came one day after the London Stock Exchange launched its own index for technology stocks, Techmark. The London exchange, together with the German exchange in Frankfurt and six other national exchanges, has been working fitfully to create its own pan-European stock market. NASD chief executive Frank Zarb told a news conference that a key objective for Nasdaq-Europe is to offer the region's growing number of entrepreneurial, high-tech companies easier access to capital through initial public stock offerings, known as IPOs. ``Like its counterparts in the U.S. and Asia, we expect Nasdaq-Europe to be the IPO market of choice and an important contributor to job creation and economic growth for the region,' Zarb said. Murdoch noted Nasdaq's contribution to the rapid growth of high-tech U.S. companies such as Intel Corp (Nasdaq:INTC - news)., Cisco Systems and Microsoft Corp (Nasdaq:MSFT - news). ``But not all entrepreneurs are born in America. It's high time that other capital markets around the world have access to the kind of efficient and liquid market that Nasdaq provides,' he said via satellite from Sydney, Australia. Nasdaq-Europe also hopes to provide investors in Europe with an electronic network for trading shares elsewhere in the world, including Asian and U.S. blue-chip stocks. By basing its trading systems on the Internet, Softbank chief executive Masayoshi Son said, Nasdaq-Europe would be part of a single worldwide electronic stock market. The partners said that investors would benefit from reduced trading costs, although they gave no specifics. Nasdaq-Europe still must obtain regulatory approval from Britain and other European countries in which it hopes to operate. However, Zarb noted that the venture has the ``goodwill' of the British government and has received ``a friendly indication' from others governments in the region. Zarb played down the likelihood that Europe's long-established national stock exchanges would perceive Nasdaq-Europe as a competitive threat. He said the Nasdaq joint venture hoped to form a partnership, if possible, with existing European stock exchanges. Officials at the London Stock Exchange had no immediate response when asked for comment. However, British Chancellor Gordon Brown said in a statement that he welcomed Nasdaq-Europe's decision to base itself in London, saying the planned exchange would strengthen Britain's financial services industry. NASD would have the largest stake in Nasdaq-Europe, with Softbank, News Corp.'s venture capital fund called epartners and Vivendi's investment unit Viventures Capital each holding equal shares. In addition, the partners said they are seeking equity stakes from about 15 international financial institutions.