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NASD explores German tie
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June 22, 1998: 3:47 p.m. ET
Deutsche Bourse officials meet with NASD Chairman Zarb on alliance
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NEW YORK (CNNfn) - The National Association of Securities Dealers (NASD) said Monday its top official has met with representatives from the Deutsche Bourse to explore "common transatlantic business opportunities."
"At present the talks were preliminary but both entities were attempting to find out if the set up of an agreement to intensify a cooperation could be reached in due time," both organizations said in a joint statement.
The talks involved NASD Chairman and Chief Executive Frank Zarb, who is currently traveling in Germany, according to an NASD spokesman. The organization is the governing body for the Nasdaq trading system.
The developments underscore the importance played by unified world markets since the so-called "Big Bang" on Oct. 27, 1986, when the London Stock Exchange moved toward screen-based trading.
About three months ago, the NASD reached a key strategic agreement to merge with the American Stock Exchange. On June 9, the NASD/Amex group announced a similar agreement with the Philadelphia Stock Exchange.
Those latest efforts were both aimed at taking market share away from the New York Stock Exchange -- arguably the world's most powerful exchange and definitely the world's largest with a combined market capitalization of $13 trillion.
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