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Global Exchange Looks to Tap Net

By the end of 2001, an investor in Tokyo, Dallas or Hamburg will log on to a
computer, click to buy shares in Intel and watch the trade execute within
seconds, says John Hilley, chairman of Nasdaq International.

And the same investor should be able to trade shares in a German or Japanese
software maker listed on Nasdaq’s European and Japanese sibling markets.

Hilley’s plans is one that Frank Zarb, chairman of the National Association
of Securities Dealers, Nasdaq’s parent group, has been touting publicly for
the last year. And despite major regulatory hurdles, Hilley, Global Nasdaq’s
chief engineer, envisions the idea morphing into reality within 18 months.

The goal: an Internet-based, global electronic stock exchange where the most
liquid stocks would flow freely around the world, traded by European, Asian
and U.S. investors.

“What we hope to achieve here is to create a situation anywhere in the
world, you can instantly get information off the Internet and trade on that
day instantaneously,” Hilley said. “So what you will have is a 24-hour,
seamless trading platform any time, anywhere.”

Hilley was in London recently wrapping up talks on a deal that ensured
Nasdaq would play a role in the merger of the London Stock Exchange and the
German stock market. The historic merger between the two bourses, a deal
announced Wednesday, will create Europe’s largest stock market.

As part of the deal, Nasdaq will run a sub-market of the newly merged
Anglo-German bourse that will absorb the German Neuer Markt and London’s
techMark, where about 400 high-growth European companies list shares.

Nasdaq will launch the new Frankfurt-based Nasdaq iX by the end of 2000, or
at the latest, in early 2001, Hilley said. U.S. Nasdaq-listed stocks are
expected to be also listed on Nasdaq iX, making it possible for European
investors to buy stocks directly from brokers. Europeans currently can buy
U.S. stocks, but it is an expensive, drawn-out process for individual
investors, Hilley said.

In Asia, Hilley said Nasdaq is set to launch its sibling market, Nasdaq
Japan, on June 19 as a sub-market of the Osaka Stock Exchange.

The market, though, will only have a handful of Japanese companies trading
at the time of the launch. The goal is to add 10 new listings a month. By
the end of the year, investors in Japan should be able to buy and sell
Nasdaq stocks, Hilley said.

In addition to Japan and Europe, Nasdaq says seven heavily traded U.S.
Nasdaq stocks will be listed on Hong Kong’s Hang Seng index by the end of
the month. It is building Nasdaq Canada with the government of Quebec and
seeking to cut a similar deal in South Korea.

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