Nasdaq, Deutsche Borse Plan New Exchange

Nasdaq and Germany’s Deutsche Borse are planning a pan-European electronic stock market to take on London as Europe’s major financial center, the Sunday Business newspaper said. The British capital is already under pressure from European exchanges, which have recently won futures market contracts that once routinely were traded in Britain. The newspaper said the partnership is expected to begin as a marketing agreement but would be accompanied by plans to develop a pan-European electronic stock market for trading in the major firms. A joint listings agreement is also likely, it said.