Its ambition is to inter-connect participant Exchanges' trading systems and to develop a market structure based on the principles of transparency, self-regulation and agency auction price discovery. The participant Exchanges are major equity markets from the three main time zones: Asia-Pacific, Europe and the Americas. The market capitalization of the companies listed on these Exchanges exceeds US$20 trillion, of which the NYSE's listed companies represent approximately half.
The Global Equity Market will seek to provide investors around the world with a transparent, round-the-clock, trading mechanism for the world's global companies, increasing the global liquidity of their stocks as well as aiding global price discovery. Investors will be able to access the Global Equity Market through their domestic stock exchanges, which will keep their brands and individual standing while participating in a virtual global pool of liquidity.
Participation in the Global Equity Market is open to all stock exchanges, which adhere to the principles of transparency, self-regulation, and the agency auction structure.
The Global Equity Market will pursue opportunities and economies of scale that will lower transaction costs for investors and intermediaries.
NYSE chairman and CEO Richard A. Grasso said: "The agreement that we are formulating will strengthen and globalize our markets throughout the Americas and between time zones. We are excited by the challenge this great opportunity presents."
HKEx chairman, Charles Lee, said Hong Kong was committed to the concept of a 24-hour global market linking the three main time zones and was in close cooperation with international exchanges to achieve this.
