How will this affect NASDAQs plans to expand trading in stocks of Japanese and other foreign companies?
On infrastructure, there is NASDAQ’s PORTAL Alliance with a number of investment banks, Mr. Böcker replied; the PORTAL covers Rule 144A sales, which are private sales to “well-educated” investors. There are alternative markets elsewhere, such as First North in Northern Europe, and “I would like to see if we can develop that in the U.S. as well.” In terms of Japanese companies, “there is more cooperation today with the regulatory entities in both Japan and the U.S.,” and “hopefully that will ease up and smooth the process.” What are the synergies in having 13 exchanges as part of one corporate organization and selling technology to independent exchanges as well? “A lot of running an exchange is the utility business. And running a utility for us is very much an economy of scale,” Mr. Böcker said. The goal is to “bring in all the volume onto one single platform,” which in turn supports “smaller local markets with far better technology and far cheaper technology,” thus over time “equalizin
