Forget Australia and choose US

Infratil and Morrison & Co director Lloyd Morrison is urging the New Zealand Stock Exchange and its members to abandon merger talks with Australia and look to the US as a partner.

Mr Morrison is circulating a paper attacking the logic put forward for a merger with the Australian Stock Exchange.

Among his concerns are that the merger will impose higher compliance costs on listed companies, will lead to a loss of corporate head offices and highly-qualified financial services professionals to Sydney and Melbourne, and won't deliver the investor attention some have suggested.

He says the US is the critical country in the globalisation process.

The exchange should be aligning itself with US market practice.

The full text is available at <www.nbr.co.nz>.

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