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NASDAQ to Approach Market of Russia
One of the world stock exchange giants, NASDAQ, intends to buy OMX of Scandinavia, which is creating in Russia a new stock exchange, IXSP, in tandem with St. Petersburg Stock Exchange. So, if the deal of NASDAQ and OMX is finally clinched, IXSP will be set up with direct involvement of the U.S. stock exchange and get material competitive advantage over other stock exchanges of the country.
The U.S. second NASDAQ Stock Market Inc. intends to buy out OMX for 23 billion Swedish kronas (roughly $3.3 billion), Swedish Dagens Industri reported yesterday. The offer was made to OMX management nearly a fortnight ago and the board of OMX was to deliberate on the deal yesterday.
Of interest is that OMX has been recently paying great attention to the market of Russia. In tandem with London Stock Exchange (LSE), it has been trading in futures for depository receipts of Russia’s companies since past December. In March, OMX announced the arrival on Russia’s market by creating a new international stock exchange – International Exchange St. Petersburg (IXSP) – jointly with St. Petersburg Stock Exchange and RX Group.
IXSP that was registered as a new entity at the start of this week will provide to middle/small companies of Russia the access to foreign capital without the need to be listed with foreign trading floors. If NASDAQ and OMX finally agree, IXSP will emerge as the first big foreign stock exchange represented in Russia with solid prospects of becoming very popular here.
www.kommersant.com
All the Article in Russian as of Apr. 13, 2007
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