Go East, Young Man! (or west depending on perspective)
This afternoon Taizo Nishimuro, the Tokyo Stock exchange's CEO and John Thain addressed the Japan Society in New York. During this talk, Mr. Nishimuro, said that an agreement may be announced Wednesday, and that the TSE and NYSE Euronext may cooperate on areas such as new products, listings and systems (this info comes from a Dow Jones Newswire release written by Gaston Green that came out this afternoon).
If and when a deal is announced, it will be yet another demonstration of brilliant jockeys aboard a world-class champion thoroughbred! Designing a business plan that's strategic, innovative, and smart is one thing. Executing is another thing, entirely. Just look the pervasive pie on NDAQ's face that's accumulated over the years. Just a quick review:
- In 2002, Nasdaq wrote off a $20mm venture with the TSE that it entered into during 2000. Click here to learn more about that failed initiative.
- In 2003, Nasdaq shutdown its ill-conceived Nasdaq Europe (click here for more on that).
- Also in 2003, Nasdaq failed with their attempt to execute a plan with Commerzbank and Dresdner and the Berliner Bourse something like five months after the deal was done. (Click here for more on this)
Here is a peak at part of what makes the TSE so exciting. First, note the significant rise in net income and revenue noted in this release. Both are displayed at the top of the linked PDF.
Here's a link to a portal for plenty more background on what looks like the newest addition to a truly global marketplace.