Nasdaq’s big step in China
TEXT OF STORY
Scott Jagow: NASDAQ is opening an office in Beijing. Bill Marcus tells us why that’s a big deal.
Bill Marcus: Nasdaq had indirect access to China through offices in New York and London for more than a decade. But government regulators didn’t even allow it to put up a sign when it was operating in Shanghai for six years before it closed its office in 2004. So opening an office in Beijing that’s legally sanctioned by the Chinese government is a big step.
Nasdaq Asian managing director Guang Xun Xu says the office will allow it to “publicly” and “openly” woo Chinese companies.
Nasdaq presently trades the shares of 52 Chinese companies with a combined market capitalization of $57 billion. Euronext, the parent of the New York Stock Exchange, said today it also plans to open an office in Beijing. That’s expected to happen next week.
In Shanghai, I’m Bill Marcus for Marketplace.
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