Page last updated at 16:56 GMT, Friday, 19 June 2009 17:56 UK

NYSE Euronext to gain Qatar stake

New York Stock Exhange
NYSE Euronext was formed by a merger in 2007

NYSE Euronext is to acquire a 20% stake in Qatar Exchange for $200m (£121.3m), as part of a deal with parent company Qatar Holdings.

The deal is aimed at boosting business in the Middle East for both partners. Andre Went, a senior NYSE Euronext executive, will head the new exchange.

NYSE Euronext saw off competition from the London Stock Exchange, also eager to buy the exchange.

Qatar Holdings is the investment arm of the emirate's sovereign wealth fund.

"We seek to elevate the market from the local level to a regional level and then to an international level and open it up for products other than the current stocks being traded," said Qatar Finance Minister Yussef Kamal.

"We hope this partnership succeeds in improving the market's efficiency and international reputation to which we aspire," he added.

NYSE Euronext, the largest stock exchange group, was established in 2007 and includes the New York Stock Exchange, four stock markets in Europe as well as London's derivatives Liffe market.

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