NYX Nyse Euronext

NYSE Euronext (NYX) Chief Executive Duncan Niederauer said Thursday the company remains committed to listing on the Shanghai Stock Exchange, but gave no specific timetable.

"We remain committed to helping Shanghai achieve its objective of becoming an international financial center. We remain committed to helping them find success with their international board," Niederauer said at a news briefing in Beijing.

The exchange operator is in talks with officials from the Shanghai Stock Exchange and the China Securities Regulatory Commission, Niederauer said. Though there is no timetable for a listing, "we hope that we'll have some news to report some time next year," he said.

China is developing rules to allow foreign companies to list on its domestic exchanges. Besides NYSE Euronext, foreign companies with extensive Chinese business such as HSBC Holdings PLC and Australian ore miner Fortesque Metals Group Ltd. have expressed interest.

Red-chip companies, which are registered and listed overseas, typically in Hong Kong, but whose assets are mostly in mainland China, are also keen to list in the mainland. They include iconic Chinese companies such as China Mobile Ltd. and Lenovo Group Ltd.

Niederauer said NYSE wants to be a "good partner" with China in helping it to internationalize its capital markets, but there are also practical business benefits for NYSE to list in China.

"Shanghai will want to have many great international companies listed here ultimately, and a number of those companies are already listed on our exchanges," he said.

"We felt that it was important to try to be among the first because we thought our experiences could then be shared with other companies that would like to go in the same direction, and that would be part of our value proposition with our companies that are listed with us around the world.

"Issuing in this region gives us a good opportunity to diversify our shareholder base," he added.

NYSE also advised China on setting up the ChiNext market, China's new exchange for startup companies. Niederauer on Friday defended the exchange against recent criticism that trading has been excessively volatile and speculative since it was launched at the end of October.

"I think we shouldn't draw too many conclusions or be too critical of the volatility that we've seen for the first week or two. It will take time for things to even out, but I have confidence that it will prove to be a very viable market for SMEs (small and medium enterprises) here in China," he said.

"Whether it's the capital markets in the U.S., China, or anywhere else, we need to make it easier for these small companies to access capital."

-By Aaron Back, Dow Jones Newswires; (8610) 6588-5848; aaron.back@dowjones.com

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