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CNN Live At Daybreak
Nasdaq Approaches NYSE for Possible Merger
Aired December 23, 2003 - 06:16 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HOLLY FIRFER, CNN ANCHOR: Time for a little 'Business Buzz' now. Since the Internet bubble burst, the Nasdaq stock market has been struggling to survive, and now it's seeking out another big player for some help.
We turn to our market guru, Carrie Lee, and she joins us from the Nasdaq market site in New York.
Good morning -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Holly, thank you.
A very interesting story today, the Nasdaq market site has approached the New York Stock Exchange to discuss a potential merger between the two stock markets. This according to today's "Wall Street Journal."
Now both of these areas, the Nasdaq and the NYSE, have faced challenges recently. The Nasdaq, known as the technology marketplace, has lost a lot of its listed companies over the years since the Internet bubble burst four years ago. Meanwhile, at the New York Stock Exchange, former Chief Executive Richard Grasso was ousted. There's been an investigation into some trading specialists. There have been a lot of structural changes that take place.
Now Nasdaq's chief executive apparently approached the world's largest stock exchange about three weeks ago as the market site has been struggling to survive. This isn't the first time a potential merger has been discussed. The idea was bantered about in 1999. Now, though, some people are saying that both markets may benefit from a merger. Of course a lot of questions remain, Holly, the Nasdaq is an electronic trading system, the NYSE has physical floor traders. Anyway, this is the latest from "The Wall Street Journal." A lot of people will be talking about this today.
FIRFER: All right. Thanks, Carrie, good to see you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired December 23, 2003 - 06:16 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HOLLY FIRFER, CNN ANCHOR: Time for a little 'Business Buzz' now. Since the Internet bubble burst, the Nasdaq stock market has been struggling to survive, and now it's seeking out another big player for some help.
We turn to our market guru, Carrie Lee, and she joins us from the Nasdaq market site in New York.
Good morning -- Carrie.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Holly, thank you.
A very interesting story today, the Nasdaq market site has approached the New York Stock Exchange to discuss a potential merger between the two stock markets. This according to today's "Wall Street Journal."
Now both of these areas, the Nasdaq and the NYSE, have faced challenges recently. The Nasdaq, known as the technology marketplace, has lost a lot of its listed companies over the years since the Internet bubble burst four years ago. Meanwhile, at the New York Stock Exchange, former Chief Executive Richard Grasso was ousted. There's been an investigation into some trading specialists. There have been a lot of structural changes that take place.
Now Nasdaq's chief executive apparently approached the world's largest stock exchange about three weeks ago as the market site has been struggling to survive. This isn't the first time a potential merger has been discussed. The idea was bantered about in 1999. Now, though, some people are saying that both markets may benefit from a merger. Of course a lot of questions remain, Holly, the Nasdaq is an electronic trading system, the NYSE has physical floor traders. Anyway, this is the latest from "The Wall Street Journal." A lot of people will be talking about this today.
FIRFER: All right. Thanks, Carrie, good to see you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
