HISTORIC PRESS RELEASE : Chancellor Gordon Brown welcomes launch of Nasdaq-Europe [November 1999]

The press release issued by HM Treasury on 5 November 1999.

The choice of London as the location for NASDAQ-Europe is excellent news for the City of London and for the wider economy said the Chancellor Gordon Brown today.

The Chancellor was speaking this morning following a meeting with NASDAQ and its partners where they told him of their decision to launch a joint venture to create a pan-European securities market.

The Chancellor said:

“The City of London is one of the largest and most highly regarded financial centres in the world. It thrives on competition and innovation and offers an extremely attractive environment for internationally mobile financial services businesses.

“NASDAQ’s decision to locate its European exchange here represents a massive vote of confidence in the City. NASDAQ-Europe will strengthen the UK financial services industry and reinforce London’s position as one of the world’s top international financial centres.

“And NASDAQ’s presence here will be good for the wider economy too, not just in the UK but Europe as a whole. Job creation and economic growth depend on efficient capital markets channelling funds to businesses to finance their expansion. This is more than ever true in the Internet economy.

“NASDAQ has a tremendous record of raising capital for growth companies as well as being an innovative and entrepreneurial business in its own right. I therefore very much welcome NASDAQ’s decision to set up its pan-European stock exchange in London.”