Nasdaq, the US stock market that houses high-technology stars like Microsoft, has said it will arrive in Europe next year, putting the final piece in place for eventual round-the-clock, round-the-globe trading.

Nasdaq-Europe's electronic exchange will be based in London, where Chancellor of the Exchequer Mr Gordon Brown hailed it as a fillip for Europe's economy and for businesses seeking to raise capital.

It has enlisted major venture capitalists from outside the US - Japan's Softbank, Rupert Murdoch's News Corp's e-partners and Vivendi of France's Viventures - and is talking to other Europeans about further equity shareholdings.

The chief executive of the Irish Stock Exchange, Mr Tom Healy, does not see Nasdaq's advent as a threat to business on the Dublin market.

The exchange will open in the fourth quarter of next year.