Tokyo Stock Exchange (TSE) president Taizo Nishimuro announced last week that the TSE will be reorganized into a holding company and establish a business alliance with the New York Stock Exchange (NYSE).
TSE will be reorganized into a holding company in October 2007. The management of the holding company will be published in April, but Nishimuro is expected to be the chairman. Saito Atsushi, president of Industrial Revitalization Corporation Japan, is being nominated for president. TSE will make a first announcement on the alliance with the NYSE by the end of this month, when Nishimura will visit the United States for the final discussion.
TSE and NYSE groups are currently discussing broader issues such as a capital tie-up ahead of TSE’s proposed listing in 2009, joint developments in trading systems, the mutual listing of investment trusts and ETFs, and system back-ups in the event of disaster.