Asia’s oldest stock exchange has fallen on hard times. Its crosstown rival is getting a lot more play these days and has stolen a march on all the fancy new products a stock exchange can offer.
Rather than go quietly into the night, the Bombay Stock Exchange and its hotshot new CEO are going to do something. Something drastic. Something like listing on said aforementioned crosstown rival?
Well, the BSE plans to do just that. The London Stock Exchange may be listed on the London Stock Exchange and the Deutsche Börse on its own Frankfurt exchange, but the BSE plans to list on the National Stock Exchange, India’s answer to the Nasdaq and the BSE’s bête noir. And why not? The NSE sees three times the turnover of the BSE, and the latter is trying to make some money, no?
New CEO Madhu Kannan cut his teeth at the New York Stock Exchange, which is listed on two bourses. And so BSE will deign to list itself on itself, just like the NYSE did twice (it’s listed both in New York and on Euronext).
Bombay Stock Exchange plans listing on NSE & itself [Economic Times]
India BSE looks to list, innovate [Reuters]