As expected, the New York Stock Exchange (NYSE) Group has today formed a strategic alliance with the Tokyo Stock Exchange (TSE).
The agreement commits the two exchanges to develop and study opportunities in trading systems and technology, investment products and governance.
The agreement is being seen as a prelude to a financial agreement between the two organizations, but it is also non-exclusive.
“These kinds of announcements have a tendency to be rather meaningless,” says Octavio Marenzi, CEO of Celent, the Boston-based financial research and consulting firm. “This one is no exception. Without actual common ownership or control, this is basically an agreement to potentially agree on something in the future. As such, it will not have any real impact. A nice press briefing, a photo opp and nothing else.”
The TSE pact follows the NYSE acquisition earlier this month of a stake in National Stock Exchange, the biggest stock exchange in India, and comes a few weeks after its shareholders approved the $14 billion merger with Paris-based Euronext.