NEW YORK, Oct. 23, 2006 (PRIMEZONE) -- The NASDAQ Stock Market LLC (NASDAQ) and the Shanghai Stock Exchange (SSE) today announced the signing of a Memorandum of Understanding.
NASDAQ and the SSE have established a formal understanding to develop channels of communication and forge an ongoing relationship and sharing of information between the two markets. This will be for the benefit of investors in the U.S. and the People's Republic of China.
Adena Friedman, Executive Vice President of NASDAQ's Corporate Strategy said, "Since its foundation in 1990 the SSE has made impressive inroads in its technology and development. NASDAQ looks forward to this understanding evolving further and to sharing information with this important market. As an exchange we have been committed to China for a number of years. By increasing the lines of communication between the two exchanges, we expect this agreement to benefit market participants and the financial services industry in the U.S. and the People's Republic of China."
NASDAQ currently lists 29 Chinese companies with a combined global market cap of approximately US$20.1 billion.
NASDAQ is the largest U.S. electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ Web site at http://www.nasdaq.com or the NASDAQ Newsroom at http://www.nasdaq.com/newsroom/.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein may contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may include, but are not limited to, statements about the nature, timing and expected benefits of the proposed cooperation between NASDAQ and the Shanghai Stock Exchange. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ's control. These factors include, but are not limited to factors detailed in NASDAQ's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.