Nasdaq Hopes to Extend Reach Abroad

November 8, 2001 ( - The Nasdaq Stock Market's new chief executive, Harwick Simmons, on Thursday revealed the exchange's plans to expand into other countries.

Speaking at the Securities Industry Association’s annual meeting in Boca Raton, Florida, Simmons stated that these tentative plans could include a merger with a major exchange in Europe or Asia.

Simmons added that he hopes that Nasdaq would be floated before the end of 2002, with the third quarter being a realistic target for an initial public offering, subject to favorable market conditions.

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Asked to clarify the form a merger with an overseas exchange would take, Simmons wouldn’t provide details. He also wouldn’t explain how such a deal would fit with the exchange’s planned IPO – except to say the events could occur in tandem.

Although Nasdaq already has established a presence in both regions through Nasdaq Japan and Nasdaq Europe, Simmons noted that the merger he had in mind would extend much farther.