The London Stock Exchange has held discussions with the Bombay Stock Exchange (BSE) about a possible partnership, which could lead to the two taking shareholdings in each other, the Business magazine said.
The Business said, quoting a source familiar with the discussions, that a potential deal between the LSE and the Mumbai exchange could also include cross-listings of company shares and technology-sharing.
Both sides are eager to find partners as the pace of consolidation among the world's stock exchanges intensifies and the pool of potential partners shrinks, it said in a report dated November 8 on its website.
On November 6, the Tokyo Stock Exchange, Asia's biggest bourse, said it was in talks with the LSE about an alliance.
A LSE spokesman said it was not commenting on market speculation.
"We are not commenting on speculation ... But the Indian market is clearly a very important market for us. It is one of our three key target markets and we are always looking at ways in which we can develop our relationship and that could benefit ourselves and any partners in India," an LSE spokesman said by telephone. The BSE said it had no comment.
Shares in LSE, which reported a steep rise in half-year profit on Wednesday thanks to strong electronic trading, rose sharply last week on talk that a fresh take-over approach from Nasdaq Stock Markets was imminent.
The US exchange has amassed a stake of just over 25 percent in the London exchange after having a $4.2 billion take-over offer rebuffed in March.
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