The American internet-based stock market, Nasdaq, has announced plans to open a European operation, as part of moves towards a global share-trading system.

Nasdaq-Europe is to open at the end of next year.

It will be linked both with its parent in the United States, and with a similar market being planned in Japan, to provide round-the-clock trading, irrespective of geographical location.

Nasdaq's American head, Frank Zarb, said the network could operate in partnership with existing markets.

However, the BBC Business Reporter says that's not how many European exchanges see it.

They see Nasdaq-Europe competing strongly for the young, high-tech, high-growth companies they're already targeting.