The National Association of Securities Dealers (NASD) has a vision. They see two North American Markets by 2010. They see New York Stock Exchange (NYSE) as "traditional" Market. The NASD expects to own everything else. They'll be Market of Cyberspace. Since they operate Nasdaq, second largest market in States, their vision isn't wishful thinking.

The NASD has acquired American Stock Exchange (AMEX) and Philadelphia Stock Exchange. They are trying to acquire remaining regional American Stock Exchanges. They intend to include Toronto Stock Exchange (TSE) in their vision.

The NASD will sell Over-the-Counter Bulletin Board (OTCBB) in next five years. The reason is NASD's reputation is at risk from unethical OTCBB trading. And OTCBB, like Western Canadian Stock Exchanges, will face growing competition from Cyberspace.

The NYSE wants to expand. They are considering taking NYSE public to raise money to compete with NASD in Cyberspace. I suspect they will be competitive bidders for remaining American regional Stock Exchanges and TSE. The NYSE sales pitch will stress status.

I doubt merger of Vancouver, Alberta and Winnipeg Stock Exchanges will work. Along with Canadian Dealers Network in Ontario, Canada's risk capital markets will be history within next twenty years. Also, I suspect that Montreal Stock Exchange will disappear by 2020. The reasons for failure involve credibility of these markets combined with increased competition from Cyberspace.

The Frankfurt (German) Stock Exchange (GSE) has a NASD vision for Europe. It sees International (London) Stock Exchange (ISE) as traditional market in 21st Century. The Germans intend to consolidate everything else. The German Stock Exchange's problem is overcoming national sensibilities in Europe.

The end game for NASD and GSE would be merger of their networks around 2015. They would leave NYSE and ISE as backwater "traditional markets." It will take at least an additional ten years for NASD and GSE to merge. If it happens, it will occur after 2020.

Angels like to "kick tires." Angel investors are usually living within fifty miles of your office. Because of this policy. Angel investors want to reach out and touch their risk capital investments. They'll want fifty percent equity in your business for their money. It's a losing formula for angels because more than half of their investments fail. However, touching someone doesn't protect investor from loss. Assuming an honest entrepreneur, a simple program to limit investment risk works better.

Sophisticated Investors want to quickly recover their risk capital. Profits and ownership are secondary to risk management. I've taught this risk management principle to my my clients for over for twenty years. For our money, we want a free ride on any company’s future success. We want our risk capital returned within weeks of our investment. We'll wait years to take our profit.

I'm creating Global Village Investment Club on same principle. We'll invest in operating non-U.S. companies with a national market for their product or service. Management should be seeking money to expand their markets by asset acquisition or globalization. The business plan must be clear and specific. The upside potential in 5-7 years must be at least tenfold Club members investment.