Nasdaq sets deadline for Exchange

By DAILY MAIL REPORTER
Updated:

 

THE US hi-tech exchange Nasdaq said it wants to merge with the London Stock Exchange or one of its European rivals within 12 months, adding to the pressure on LSE boss Clara Furse to sew up a deal.

Having failed to make it up the aisle with Liffe, Furse cannot afford to miss other opportunities. Sources say both sides are talking, although Nasdaq chairman Wick Simmons refuses to play second fiddle.

He wants a 'merger of equals', but is only interested in an all-share deal that would give Nasdaq management control. This would probably result in the departure of Furse and her chairman Don Cruickshank.

LSE's failed bid for Liffe will next month be exposed to the full glare of the Treasury select committee. It is probing the implications of Liffe's takeover by Paris-based Euronext, a blow to London's role as the financial hub of Europe.

This week Furse has been drumming up business in India, persuading firms to list in London. 'It was a great success,' said the LSE. It will not confirm the Nasdaq talks, but said: 'We are engaged in opportunities to broaden the scope and scale of our business.'

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