Nasdaq cans 24-hour trading

Losing more than enough in just 12 hours...

US technology exchange Nasdaq is canning its joint venture with Nasdaq Japan to provide a 24-hour global trading service. The exchange will write off costs of £13m as a result of the cancellation. The news came at Nasdaq's result meeting where it announced a 55 per cent fall in profits to $8.8m from $19.6m for the same period last year. Revenues were down too - from $221.3m for the second quarter of last year to $205.3m this year.