New York, April 22: The Nasdaq hopes its merger with the American Stock Exchange will help it snare more lucrative new listings of foreign companies, which have gone in droves to its larger rival, the New York Stock Exchange."We definitely think (having Amex) will help," John Wall, president of Nasdaq International, told Reuters.
But the electronic stock market, even with the added option of the Amex's floor operations, faces a tough uphill battle.
Although the Nasdaq, at more than 450, has more non-US companies on its rolls, the NYSE's non-US companies tend to be mightier players.
At the end of 1997, the NYSE listed 343 non-US companies with a total market capitalistion of $3.0 trillion -- compared with the Nasdaq's entire year-end market cap of $1.9 trillion.
But Nasdaq hopes to change that, or at least score some big, sexy new companies.
Traders and investment bankers say Switzerland's Nestle is rumoured to be shooting for a US listing and in that case, the Big Board seems almost aforegone conclusion.
Reports that Lamborghini may list in the US have also surfaced, and bankers say the Italian sports car manufacturer would almost certainly head for the NYSE. But in the case of the German media giant Bertelsmann, a battle could be on.
That's because some of Bertelsmann's fiercest publicly-traded rivals are not NYSE listed, experts say. Viacom Inc is one of the top dogs on the Amex and Reuters Group Plc trades on Nasdaq.
Neither the Nasdaq nor the NYSE would comment on whether they were in talks with any of the companies mentioned.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
