German stock market venture Nasdaq Deutschland is to wind up its operations and cease trading on 29 August.
The platform was launched by the US stockmarket operator in conjunction with German banks Commerzbank and Dresdner and the Berliner Bourse just five months ago. At the time, the joint venture partners positioned the new exchange as a putative rival to Germany's Deutsche Borse.
However, the market has failed to secure any new listings and struggled to retain credibility amidst a massive cost-cutting exercise and management overhaul at Nasdaq in New York. The future of the German venture has been in doubt ever since the US stockmarket operator unveiled plans to shut down Nasdaq Europe and pull out of unprofitable non-core business lines.
In a statement, Nasdaq Deutschland says the decision to suspend the operations of the market follows a review of the prospects of the business.
Nasdaq and its banking partners have transfered their stake in Nasdaq Deutschland to the regional Bremen stock exchange BWB.