International Finance and Financial Policy

By Hans R. Stoll | Go to book overview

23
International Equity Market Links

JOSEPH R. HARDIMAN

I've been asked to talk about NASDAQ market links with international securities markets. With that as my subject, I'm glad Professor Daane's retirement is taking place in 1989. If it had taken place a few years ago, this presentation would have to be called "The Missing Link." A mere three years ago, NAS DAQ had a very efficient electronic quotation system operating in the United States, but no international linkages. Lots of expectations, but no linkages.

In this chapter I will be talking about linkages in a broader sense than the traditional--and narrow--sense of informational links. NASDAQ currently has only two international electronic hookups: One is a real-time exchange of quotes, last sale, and volume information on some 700 securities with London's International Stock Exchange. The other link allows for an end-of-day information exchange of closing quotes between NASDAQ and the Stock Exchange of Singapore. These linkages are groundbreaking in their own right, but the next step--and the critical one--is to build on them to allow for international order execution.

This will almost certainly involve joint-venture arrangements, which in themselves represent a third type of linkage. The automatic execution systems recently announced by the Chicago Mercantile Exchange and the Chicago Board Options Exchange are cases in point. The catalyst in each case is Reuters, a global leader in information technology. More joint ventures along these lines seem inevitable.

There is an alternative to electronic linkages between markets--international communications linkages within a single market. In NASDAQ's case, it would imply making the NASDAQ market--already a series of electronic linkages-- broader and more international. NASDAQ's communications network itself could be extended to other markets and allow National Association of Securities DealersNASD

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