Nasdaq, Brazilian exchange Bovespa in tie up talks
27 Aug 2009
In order to come out unscathed from global recession which hit the listing market badly, Nasdaq OMX Group Inc. is planning a partnership with the Brazilian financial exchange BM&F Bovespa SA, the world's fourth-largest exchange operator by market value.
The companies yesterday said they will hold exclusive talks for the next 60 days about a possible partnership.
During the exclusivity period, Nasdaq will not enter into similar negotiations with any other exchange located in South or Central America.
Bovespa and Nasdaq Group will initiate discussions, on an exclusive basis, with the purpose of establishing a possible strategic, commercial and technological partnership, Bovespa said in a press release yesterday.
According to analysts, BM&FBovespa this year has benefited from a surge in Brazilian capital markets and revival in initial public offerings.
The talks involve ''a possible strategic, commercial and technological partnership,'' the Brazilian stock operator said.