Borse Dubai’s Stake in Nasdaq Is Questioned

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The New York Sun

This morning’s deal to sell a 20% share of the Nasdaq Stock Market to an Arab financial holding company, Borse Dubai, is already setting off a round of questions about whether it is wise to sell a portion of America’s financial markets over to a foreign government.

As part of the deal, the Middle East company will not only gain a 20% stake in the Manhattan-based financial exchange, it will also get Nasdaq’s 28% share of the London Stock Exchange, making it the largest stakeholder in that exchange, according to published reports.

In exchange for those two acquisitions, Nasdaq will acquire the Swedish Stock Exchange, ending the bidding war between Borse Dubai and Nasdaq for the Nordic exchange.

Senator Schumer, who led the charge to block the White House from selling six major American ports to a Dubai-based company last year, is already saying he plans to ask the Treasury Department to review the deal.

“This deal raises serious questions that must be answered,” Mr. Schumer was quoted saying this morning. “Those questions will include — should we allow foreign governments to take over our financial exchanges and how much control and influence should those foreign governments have?”

When the port deal was under consideration last year, critics argued that security at the ports should not be put in the hands of a company from an Arab country.

The chief executive of Nasdaq, Bob Greifeld, said the stock market deal would strengthen the exchange’s position in the global financial marketplace.

“Taken together these strategic actions will provide us with a footprint in unlike any other exchange, creating a global leader, with operation in key markets around the work,” Mr. Greifeld said in a statement.

The president of the business lobby Partnership for New York City, Kathryn Wylde, said the move “reinforced New York City’s status as the center of global finance.”

“This expands Nasdaq’s global footprint and provides a new gateway to the financial markets of Europe, Asia and the Middle East — all places where New York is in heavy competition with London for gaining market advantage,” Ms. Wylde said.


The New York Sun

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