TOKYO - The Tokyo Stock Exchange's chief executive is considering various capital alliances with overseas exchanges, including the New York Stock Exchange, to gain more listings, profits and status.
Taizo Nishimuro, the exchange's head, said Tuesday that the alliances aren't limited to taking stakes in each other but also could include 50-50 joint ventures.
Japanese government and company officials have worried that investors and companies looking to list their shares are deserting Japan for more lucrative financial centers, including Hong Kong, Singapore and London.
The number of foreign companies listed in Tokyo fell to 28 in 2005 from 125 in 1990, according to the Japanese government. During that same period, 350 multinationals listed in New York.
The consolidation of bourses around the world is also adding to the urgency. Last month, NYSE and Euronext completed their merger, creating the world's largest stock exchange group.
The Tokyo Stock Exchange has also come under public criticism as antiquated compared to the bourses of other industrialized nations. It has been plagued by capacity problems, which became prominent when the bourse had to shorten trading hours, for fears of possible crashing amid frenzied trading when a scandal surfaced at a popular Internet startup last year.
Nishimuro, who is set to become TSE chairman next month, said his exchange and the NYSE will release an interim report in July on the progress of their discussions on a partnership agreement.
They hope to list NYSE products on the Tokyo exchange, including those related to commodities and real estate, and speed up the listing process for firms wanting to go public on both bourses or already listed on one exchange and looking to list on the other, he said.
Nishimuro's successor as president, Atsushi Saito, recently served as the head of a state-run corporate-rehabilitation body that nursed some of Japan's sickest companies back to health and was an executive at Nomura Securities Co.
Комментариев нет:
Отправить комментарий