Nasdaq Europe faces closure - FT

Nasdaq Europe faces closure - FT

The FT reports that Nasdaq Europe may shut up shop after an extraordinary general meeting of shareholders on Thursday.

The paper says the Brussels-based growth market has notified the Belgian Banking and Finance Commission of the possibility. It quotes Peter Yandle, a senior managing director, who says that shareholders "could decide to discontinue", the operation.

The two-year old Nasdaq Europe was created when the US hi-tech exchange took over failing growth market Easdaq. The relaunch of the European market coincided with the opening of a Japanese version of Nasdaq under an ambitious global blueprint to create a 24-hour trading infrastructure.

However, the plans have stuttered during the severe downturn in technology stocks. Nasdaq shut down its Japanese offshoot late last year.

At the same time, company failures are believed to have halved the number of stocks listed on Nasdaq Europe from 60 to 30.

Earlier this year, the US stockmarket operator launched Nasdaq Deutschland, a joint venture with Commerzbank, Dresdner Bank and regional German bourses, but has yet to attract any listings.

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