The Tokyo Stock Exchange (TSE) and the London Stock Exchange (LSE) will announce an alliance tomorrow, the Nikkeibusiness daily reported today.
The two bourses have been discussing a business collaboration, which is expected to include joint development of financial products and IT-related information sharing. A capital tie-up has not been considered as part of the alliance.
The LSE, which has fought off four takeover attempts in two years, is now free to seek tie-ups after the failure of Nasdaq Stock Market's £2.7 billion hostile bid.
The TSE, Asia's biggest bourse, and New York Stock Exchange operator NYSE Group said last month they would form a strategic alliance.