The Hindu Business Line : NYSE keen on cross listing Indian public issues

Mumbai, March 27 New York Stock Exchange, which has a five per cent equity stake in the National Stock Exchange, proposes cross listing of the issues in the Indian primary market on its platform.

NYSE may also offer NSE technology and expertise in handling very high volumes of transactions.

The world’s leading bourse, which has picked up a stake in Multi Commodity Exchange, is also exploring the possibility of co-operation and sharing of products information on commodity contracts, particularly on precious metals, with MCX.

Mr Duncan L. Niederauer, CEO & Director, NYSE Euronext, who is currently in India, said he will have discussions with NSE on cross listing of some of the public issues and ETFs.

NYSE has already started interaction with NSE on technology issues through Mr Lawrence R. Leibowitz who will be representing NYSE on the NSE Board, once they get the regulatory approval, Mr Niederauer told reporters here on Thursday.

Handling capacity

“We can help on the technology side as we have run the exchange engines for very developed markets with very high volumes where we are required to deal with enormous capacity issues. We think a lot of smaller exchanges will eventually have to deal with those same issues, so we think we can be quite a valued technology consultant.”

“In terms of the MCX business, I think it is going to be quite different. I think there may be cross products, things to do with various contracts, may be in the precious metal space… it is a little early to tell but those are some of the conversations that I am going to have with MCX,” he said.

NYSE CEO felt that given the mix of the MCX business, they could immediately work together with MCX.

NYSE has 13 Indian companies with a combined market cap of around $100 billion listed on its platform and NYSE Euronext. Satyam Computer recently became the first company to get dual listing on the Euronext platform of the NYSE besides its earlier listing on the NYSE.

Listing help

“We have more and more companies listed with us in the US or in Europe asking us for help in terms of listing in other places around the world. The general view these companies have is that the more places they are listed and as long as there is liquidity in those places where they are listed, it makes it easier for them to attract a global customer base and a global shareholder base, so I think you will see more of that happening as well.”

“We are also quite a big customer of Satyam and Wipro and intend to be even a larger customer as we like a lot of US and European companies look to be involved in outsourcing, I think those companies do a terrific job for us and we intend to use them in broader and deeper ways.”

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