Forum Archive Index - May 2000

["David Reid" <aspex@ix.net.nz>]

Nasdaq iX joint venture:
A New Market For Pan-European New Economy Equities and International
Securities

  a.. Joint Partners and Ownership Structure:
    50% Nasdaq Europe Ltd.

    50% iX

  b.. Organizational Structure
    Incorporated in the United Kingdom, the Nasdaq iX joint venture will be
headquartered and managed from London. The market will be conducted under
German regulation.

    The Nasdaq iX joint venture will be governed by a board of up to 12
members with equal representation by both parties.

  a.. Market Structure
    The Neuer Markt and techMARK will be folded into the Nasdaq iX joint
venture and cease to exist as separate brands and markets.

    From the outset, the Nasdaq iX joint venture will adapt the Xetra system
as its trading and network platform to provide for an innovative hybrid
market model that combines a next generation central limit order book with
the best elements of a dealer-based system.

  a.. Securities Traded
    Securities from Germany's Neuer Markt, and London's techMARK.

    The Nasdaq 100 companies.

    Other major US and non-European international securities and exchange
traded funds, including the Nasdaq 100 Index Tracking Stock (QQQ).

  a.. Goals
    To eventually link the Nasdaq iX joint venture to the other Nasdaq
branded markets around the world, creating a global, seamless real-time
trading platform, 24 hours per day.

    To provide issuer companies around the world with access to major pools
of capital and allow for large U.S. companies and index tracking stocks such
as Nasdaq-100 Index Tracking Stock to be traded real time in the European
Time Zone.

    Offer European investors an Internet-accessible, high-performance, low
cost trading platform linked on a global basis with Nasdaq markets in the
U.S. and Asia.

    To be considered as the "market of choice" for high growth European
securities, which will be exclusively listed in Europe on the Nasdaq iX
joint venture. These securities include companies associated with the
sectors including Internet, e-commerce, software, and computer companies as
well as companies that consider themselves high growth and wish to be listed
on the Nasdaq iX joint venture.