The Tokyo and London Stock Exchanges will today form a business alliance as part of the global race for the consolidation of leading world exchanges, informed sources reported. Their connection is expected to facilitate reciprocal listing of investment fund shares on stock quotations as well as the exchange of information on trading systems, the sources say, confirming earlier reports published in the Japanese business daily Nikkei.
The President of the Tokyo Stock Exchange, Taizo Nishimuro, has traveled to London where he is expected to sign an agreement with the head of the London Stock Exchange, Chris Gibson-Smith, according to sources who wished to remain anonymous. This move is part of the Tokyo Stock Exchange’s efforts, the largest in the Asia-Pacific region, to strengthen global alliances to deter rapidly growing regional rivals.
Last month, the Tokyo Stock Exchange formed a similar alliance with the New York Stock Exchange, and negotiations are ongoing with the Chicago Mercantile Exchange, the largest U.S. futures market. Over the past two years, the London Stock Exchange has defended itself against failed takeover attempts by its European competitors Euronext and Germany’s Deutsche Börse, as well as Australia’s Macquarie Bank, and just this month, by the U.S. technology market Nasdaq. (Hina, Bankamagazin)
