It's fair to say that the New York Stock Exchange has fared much better in its quest to diversify abroad. While the Nasdaq remains bogged down in its attempt to acquire the London Stock Exchange, the Big Board has all but completed a deal with Euronext, despite what some saw as considerable hurdles. So what's next. The speculation has long been on Asia, and it appears that a deal with the Tokyo Stock Exchange is in the works. In fact, some expect an announcement soon. The two largest exchanges in the world think there are all kinds of synergies to be had, when it comes to execution costs especially. Complicating the matter is the TSE's planned IPO in 2009 sometime. It will be interesting to see just how far-reaching this deal will be. It could be of the transformational variety.

For more:
- here's an update
- The Nasdaq has not yet given up. Article