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HM Treasury News Release
185/99
5 November 1999
GORDON BROWN WELCOMES LAUNCH OF NASDAQ-EUROPE
The choice of London as the location for NASDAQ-Europe is excellent
news for the City of London and for the wider economy said the Chancellor
Gordon Brown today.
The Chancellor was speaking this morning following a meeting with
NASDAQ and its partners where they told him of their decision to launch
a joint venture to create a pan-European securities market.
The Chancellor said:
"The City of London is one of the largest and most highly regarded
financial centres in the world. It thrives on competition and innovation
and offers an extremely attractive environment for internationally
mobile financial services businesses.
"NASDAQ's decision to locate its European exchange here represents
a massive vote of confidence in the City. NASDAQ-Europe will strengthen
the UK financial services industry and reinforce London's position
as one of the world's top international financial centres.
"And NASDAQ's presence here will be good for the wider economy too,
not just in the UK but Europe as a whole. Job creation and economic
growth depend on efficient capital markets channelling funds to businesses
to finance their expansion. This is more than ever true in the Internet
economy.
"NASDAQ has a tremendous record of raising capital for growth companies
as well as being an innovative and entrepreneurial business in its
own right. I therefore very much welcome NASDAQ's decision to set
up its pan-European stock exchange in London."
NOTES TO EDITORS
NASDAQ are announcing today the formation of a joint venture to
create a pan- European stock market. The exchange will be based in
London with trading operations scheduled to begin in the fourth quarter
of 2000.
NASDAQ-Europe will be applying to the Financial Services Authority
for Recognised Investment Exchange status in the UK.
If you have access to the Internet, you can find this news release
and other Treasury information at
http://www.hm-treasury.gov.uk
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