ASX seeks merger with NZSE
The Australian Stock Exchange (ASX) says it hopes to complete a merger agreement with the New Zealand Stock Exchange (NZSE) by the end of 2000.
ASX chief executive and managing director Richard Humphry says the ASX expects the NZSE could demutualise in about March 2001.
Humphry says the merged entity could begin operating from July 2001.
"We can't anticipate whether the (New Zealand) brokers will agree to this," he says. "We're hoping they will, we think they will. It is their decision, not anybody else's."
Humphry says once the brokers approve, there would still need to be legislative changes in New Zealand, and agreement between both exchanges on price and conditions.
Issues of currency, settlement and trading hours would also have to be addressed. A transition period of systems is expected to take place over the following six months.
Humphry says the ultimate aim is to pool the liquidity of both markets.
The ASX, which demutualised and listed itself on its own boards in 1998, announced on August 14 that it was in merger talks with the NZSE.
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