Oz stock exchange moves closer to Nasdaq

Oz stock exchange moves closer to Nasdaq

The Australian Stock Exchange has announced a strategic alliance with the Nasdaq Stock Market to provide co-listing and develop co-trading services for investors, organisations and market participants.

With the president of Nasdaq International, John Wall in Australia for the announcement, the agreement will see the trading of US stocks in Australia outside US trading hours and vice versa.

"This alliance will benefit Australian investors and organisations that wish to access a new and very compatible market," said Wall last week.

A spokesperson for the ASX told ARN the agreement provides Australian listed technology organisations the capacity to tap into a capital base which has been previously unavailable in the past. "It's an enormous opportunity," the spokesperson claimed.

Although it is already possible for organisations to have a second listing on one exchange while its primary listing is on another, the co-listing proposal will see organisations intending to raise capital through IPO's bringing the listing straight to both exchanges, according to an ASX statement.

Meanwhile, Computershare has just announced a joint venture with Telstra to develop various financial market products and services including new commodities markets, Web-based trading, portfolio and personal custody services.

The revelations come after weeks of jostling between the ASX and Computershare for control of the Sydney Futures Exchange.

ASX's bidding campaign stalled last week with the Australian Competition and Consumer Commission (ACCC) dousing "concerns" over the Sydney-based exchange's merger hopes.

"The ACCC has concerns that a consequence of the merger would be a monopoly in exchange trading," said ACCC's chairman, Professor Allan Fels.

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