Nasdaq plans European bourse
London : Nasdaq, the screen-based US stock exchange, is planning a presence in Europe with a stock exchange in London. Nasdaq Europe is expected to meet the need for a pan-European exchange with common trading and settlement. The new exchange will also contribute to achieving 24-hour seamless Nasdaq trading across the globe, since trading in staggered time zones is already available through its New York and Japanese exchanges.

The new venture, created by a consortium comprising organisations such as France's Vivendi, Rupert Murdoch’s internet investment fund e-Partners and Japan’s new media group Softbank, is expected to attract technology and media companies. The new exchange is also expected to spread the culture of on-line trading among European retail investors.
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OTCEI and BgSE arms on NSE
Mumbai : The National Stock Exchange has approved membership for subsidiaries of the Bangalore Stock Exchange and the Over the Counter Exchange of India. These exchanges are expected to be able to begin trading on the NSE by December 1999, after the necessary infrastructure, such as computer-to-computer links, and risk containment measures are put in place.

As a result of the tie-up, members from these two exchanges will now have access to the NSE and its nationwide reach at a substantially lower cost. Eight stock exchanges have so far made such applications to the NSE.
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BSE chalks out expansion plans
Mumbai : The Bombay Stock Exchange is all set to expand its operations in the country by extending the reach of its BOLT system. It has invited applications for setting up terminals in ten cities and metros, and plans to include four more as soon as restrictions are waived.

The BSE can now provide BOLT terminals at Calcutta, Chennai, Delhi, Bangalore, Cochin, Coimbatore, Delhi, Thiruvananthapuram, Ludhiana, Guwahati and Mangalore. It has sought permission to set up terminals in Hyderabad, Secunderabad, Lucknow and Kanpur.

The BSE has signed MoUs with exchanges such as Pune, Ahmedabad, Saurashtra-Kutch, Vadodara, Madhya Pradesh, Bhubaneshwar, Jaipur and Magadh, which gives BOLT access to members of these exchanges.
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Memorable samvat at the BSE
Mumbai : The Indian year Samvat 2055 (to 5 November 1999) has been a memorable one for the Bombay Stock Exchange. The BSE Sensex crossed the 5000 mark for the first time in its history. Market capitalisation on the exchange rose to an estimated Rs 6,80,000 crore from levels of Rs 4,50,000 crore a year ago.

The year also saw the IT industry’s market capitalisation soar to over 1,00,000 crore. While the IT sector contributed to its major gain, other sectors too that did well included core sector industries like cement, petrochemicals, aluminium and steels.
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SEBI frowns on preferentials at discount
Mumbai : The Securities & Exchange Board of India is said to be unhappy over companies making initial public offerings issuing preferential allotment to themselves at discount prices prior to the public issues. Sebi is said to have withheld clearance of IPOs from three software companies for this reason. These include Geometric Software, STG International and Melstar Software.

Of the three, the promoters of STG International are reportedly opting to bring in the additional money, increase their contribution and break the impasse.
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