Fuenftgroesste Boerse der Euronex entsteht!

Hallo Leute!

Ist zwar schon von dem Freitag, aber trotdem interessant. Viele haben die Fusionsplae der Boersenwelt verfolgt und nun ist es fix. Nach dem Scheiter der Fusion zwischen London und Frankfurt gab es am Freitag den Startschuss fuer den Euronex. Der Zussammenschluss: Paris, Bruessel, Amsterdam soll die Zunkunft der Europaischen Boersenkultur wiedergeben.
Der Pariser Boersenchef jean-francois théodore bezeichnete den  Euronext nur als #Zwischenschritt#. Was ist jedoch das Ziel des Zwischenschrittes. Eine einzige Boerese fuer Europa?

Am Euronex werden kuenftig 1800 Titel mit einem Boersenwert bei knapp 2,8 Billionen Euro gehandelt. Nich schlecht was!
Die Neue Holding mit Sitz in Amsterdam gibt weiters eine Kostenersparnis mit ca. 50 Mio € pro Jahr an. Die Aktionaere der Pariser Boerse werden 60% am Euronex halten die reslichen 40% verteilen sich mit 32% auf Amsterdamm und 8% auf Bruessel.

Weiters werden die 100 Aktiengesellschaftenmi der groessten Marktkapitakusierung und dem hoechsten Boersenwert in Eoronex-100 Index aufscheinen (leider ist mir liste noch nicht bekannt).

Ich werde weiters gespannt die Fusionsplaene und Ideen verfolgen und bin auf das Resultat in 10 Jahren gespannt???


gruesse

daz
 

INTERNATIONAL COPYRIGHT, U.S. & FOREIGN COMMERCIAL SERVICE AND
                      THE U.S. DEPARTMENT OF STATE, 2000.  ALL RIGHTS RESERVED OUTSIDE
                      OF THE UNITED STATES.



                      INTRODUCTION
                      ------------

                      1.    EURONEXT, THE MERGER BETWEEN THE STOCK MARKETS
                      OF PARIS, BRUSSELS AND AMSTERDAM WHICH WAS ANNOUNCED
                      LAST WEEK STILL LEAVES SEVERAL IMPORTANT QUESTIONS
                      UNANSWERED.  NEVERTHELESS, ALTHOUGH QUESTIONS ABOUT
                      SUPERVISION AND THE ROLE OF THE NEW MARKETS (NM'S)
                      STILL NEED TO BE RESOLVED, THE GENERAL FEELING IN
                      BRUSSELS IS THAT THE PLUSSES FAR OUTWEIGH THE
                      MINUSSES.

                      THE RISE AND FALL OF THE BSE
                      ----------------------------

                      2.    THE NEWS OF THE CREATION OF EURONEXT WAS
                      GREETED WITH A SIGH OF RELIEF IN BELGIAN FINANCIAL
                      AND POLITICAL CIRCLES.  AFTER IT HAD PUT IN A
                      STELLAR PERFORMANCE IN 1998, THE BRUSSELS STOCK
                      EXCHANGE (BSE) HAD BECOME THE WEAKEST OF ALL
                      EUROPEAN STOCK MARKETS LAST YEAR.  BELGIAN STOCKS
                      BECAME VICTIMS OF THE RESTRUCTURING OF MANY
                      INVESTORS' PORTFOLIOS AFTER THE INTRODUCTION OF THE
                      EURO IN JANUARY 1999.  THIS MEANT THAT SECTOR
                      PREFERENCES LARGELY OVERSHADOWED COUNTRY
                      PREFERENCES, I.E. STRONG STOCKS WITH A EUROPE-WIDE
                      PRESENCE WERE PREFERRED TO STRONG NATIONAL STOCKS.

                      3.   THE BRUSSELS STOCK EXCHANGE HAS MANY STRONG
                      NATIONAL STOCKS, BUT VERY FEW OF THESE STRONG
                      SECTORAL STOCKS WITH A EUROPE-WIDE PRESENCE.
                      FURTHERMORE, INTEREST-SENSITIVE FINANCIAL STOCKS ARE
                      OVERREPRESENTED, WHILE HIGH-TECH STOCKS ARE SCARCE.
                      BELGIUM IS FOR INSTANCE THE ONLY EUROPEAN COUNTRY
                      WHERE THE DOMINANT TELECOM OPERATOR IS NOT LISTED ON
                      THE STOCK MARKET.  AS A RESULT, THE BSE WAS 25
                      PERCENT BELOW ITS ALL-TIME HIGH ON THE DAY THAT THE
                      MERGER WITH THE PARIS AND AMSTERDAM STOCK MARKETS
                      WAS ANNOUNCED.

                      BRUSSELS STAND TO GAIN MOST FROM THE MERGER
                      -------------------------------------------

                      4.   THE BSE REPRESENTS ONLY 7 PERCENT OF THE TOTAL
                      VOLUME OF EURONEXT AND THUS HAS THE MOST TO GAIN
                      FROM A FULL MERGER.  BRUSSELS ALREADY USES THE SAME
                      TRADING SYSTEM (NSC) AS PARIS, I.E. THE EXTRA
                      INVESTMENTS NEEDED IN THIS AREA WILL BE MINIMAL.
                      FURTHERMORE, ON MARCH 24, THE BRUSSELS-BASED
                      ORGANIZATION EUROCLEAR ANNOUNCED THE MERGER WITH ITS
                      FRENCH COUNTERPART SICOVAM.  THE NEWS WAS SEEN AS A
                      CONFIRMATION OF THE CONTINUED IMPORTANCE OF BRUSSELS
                      AS A FINANCIAL CENTER, SINCE EUROCLEAR (WHICH DOES
                      THE BACKOFFICE WORK FOR STOCK MARKET TRANSACTIONS,
                      I.E. CLEARING AND SETTLEMENT) ACT AS A CATALYST FOR
                      OTHER EUROPEAN STOCK MARKETS TO JOIN EURONEXT.

                      5.   IT NOW APPEARS THAT THE ORIGINALLY CONCEIVED
                      DIVISION OF LABOR BETWEEN PARIS, BRUSSELS AND
                      AMSTERDAM WILL NOT BE MAINTAINED: IN THE ORIGINAL
                      SCENARIO, PARIS WOULD GET THE BLUE CHIPS, BRUSSELS
                      THE START-UPS AND AMSTERDAM THE OPTIONS AND FUTURES.
                      SINCE EURONEXT WILL FUNCTION AS ONE TRADING SCREEN,
                      IT IS GENERALLY CONSIDERED THAT SUCH AN ARTIFICIAL
                      DIVISION OF LABOR WOULD NOT HAVE LASTED VERY LONG.
                      BRUSSELS WILL INSTEAD FUNCTION AS THE BACKOFFICE
                      CENTER, WHERE ALL OF THE CLEARING AND SETTLEMENT
                      WILL BE HANDLED.  THE PRESENCE OF EUROCLEAR WITH ITS
                      INSTITUTIONAL AND TECHNOLOGICAL KNOW-HOW WILL
                      HOPEFULLY ACT AS A POTENT CATALYST.

                      WHO WILL SUPERVISE?
                      -------------------

                      6.   INSIDERS TELL US, HOWEVER, THAT MANY QUESTIONS
                      STILL REMAIN UNRESOLVED, INCLUDING HOW THE  EURONEXT
                      EXCHANGE WILL BE SUPERVISED AND REGULATED.
                      HITHERTO, SUPERVISORY FUNCTIONS IN EUROPE ARE
                      DEPENDENT ON THE PHYSICAL LOCATION OF THE STOCK
                      MARKET (THE BELGIAN COMMISSION FOR BANKING AND
                      FINANCE  AS SUCH IS RESPONSIBLE FOR EASDAQ, THE
                      SMALL EUROPEAN COUSIN OF NASDAQ).  THE FACT THAT THE
                      THREE STOCK MARKETS WILL EFFECTIVELY MERGE IMPLIES A
                      CLEAR NEED FOR A SUPRANATIONAL WATCHDOG, AN ENTITY
                      WHICH STILL NEEDS TO BE SET UP.

                      FIXED-INCOME DERIVATIVES SEEN AS WEAK POINT
                      -------------------------------------------

                      7.   THERE IS ALSO SOME SCEPTICISM ABOUT THE FIXED-
                      INCOME DERIVATIVES, WHICH SEEMS TO BE THE WEAK POINT
                      OF EURONEXT.  BOTH LONDON AND FRANKFURT HAVE STRONG
                      MARKETS IN FIXED-INCOME DEIVATIVES, ACCORDING TO
                      PETER PRAET, CHIEF OF STAFF OF BELGIAN FINANCE
                      MINISTER DIDIER REYNDERS.  HE INDICATED TO US THAT
                      INCLUSION OF THE LONDON-BASED LIFFE-MARKET (LONDON
                      INTERNATIONAL FINANCIAL FUTURES AND OPTIONS
                      EXCHANGE) WOULD PERHAPS RESOLVE THIS DELICATE POINT.

                      NEW MARKETS (NM'S) SEEM TO HAVE BEEN FORGOTTEN
                      ----------------------------------------------

                      8.   FURTHERMORE, THE PROJECT SEEMS TO HAVE BEEN
                      FINALIZED IN A HURRY.  IT IS YET FAR FROM CLEAR
                      WHAT WILL HAPPEN TO THE NEW MARKETS (NM'S) WHICH
                      WERE CREATED BY PARIS AND BRUSSELS IN AN EFFORT TO
                      COMPETE WITH THE TECHNOLOGY-LADEN EASDAQ MARKET.
                      ACCORDING TO GEERT NOELS, ANALYST AT THE BELGIAN
                      MERCHANT BANK PETERCAM, BROADNESS AND VAGUENESS ARE
                      THE TYPICAL HALLMARKS OF SUCH DEALS CONCLUDED IN A
                      HURRY, SINCE IT IS ONLY AFTER THE FACT THAT A BROAD
                      CONSENSUS CAN BE FOUND.  HE ACKNOWLEDGED THAT THERE
                      WAS ALSO A SENSE OF FRUSTRATION THAT SOME OF THE
                      LARGER NATIONAL COMPANIES IN FRANCE, BELGIUM AND
                      ESPECIALLY THE NETHERLANDS WERE NOT WELL REPRESENTED
                      IN THE VARIOUS EUROPEAN STOCK INDICES WHICH HAD
                      PLAYED A ROLE IN THE MERGER.

                      PLUSSES SEEM TO OUTWEIGH MINUSSES
                      ---------------------------------

                      9.    NOELS NEVERTHELESS STRESSED THE POSITIVE
                      ASPECTS OF THE AGREEMENT: ECONOMIES OF SCALE WILL
                      REDUCE TRANSACTION COSTS TO THE INVESTORS; THE SIZE
                      OF EURONEXT (SECOND AFTER LONDON BUT BEFORE
                      FRANKFURT) IS LIKELY TO ATTRACT OTHER BOURSES
                      (LUXEMBOURG AND LISBON SEEM TO BE ALMOST CERTAIN);
                      EXTENDED OPENING HOURS ARE ALSO LIKELY TO ATTRACT
                      NEW INVESTORS.  HE INDICATED THAT EURONEXT PLANS TO
                      SEEK A PUBLIC LISTING BY THE YEAR'S END AND BEING
                      FULLY OPERATIONAL ONE YEAR FROM NOW WAS `AMBITIOUS,
                      BUT NOT IMPOSSIBLE'.

                      COMMENT:
                      --------

                      10.    BELGIAN FINANCE MINISTER'S CHIEF OF STAFF
                      PRAET DISCUSSED WITH US THE FACT THAT THE GOB WAS
                      SURPRISED BY THE WEAKNESS IN SMALLER STOCK MARKETS
                      AFTER THE INTRODUCTION OF THE EURO.  HE SAID THAT
                      HIS INITIAL SUPPOSITION WAS THAT THE REMOVAL OF
                      TRANSACTION BARRIERS IN EUROLAND WOULD HAVE LED TO
                      STRONGER AND BETTER CAPITALIZED SMALL EXCHANGES.  IN
                      FACT, THE OPPOSITE OCCURRED AS EXCHANGE RATE
                      DEVELOPMENTS LED TO A RUSH TO EUROPEAN BLUE-CHIP
                      STOCKS AND BLUE-CHIP EXCHANGES.  WHILE SOME BELGIAN
                      ECONOMISTS POINTED AN ACCUSING FINGER AT FINANCE
                      MINISTER REYNDERS FOR PREMATURELY LEAKING THE
                      ANNOUNCEMENT OF THE MERGER ON MARCH 16, REYNDERS'
                      REACTION WAS ALSO ONE OF RELIEF.  ONLY ONE WEEK
                      EARLIER, HE HAD PRESIDED OVER SEVERAL PANICKY
                      MEETINGS TO DECIDE WHAT TO DO TO STOP THE CONTINUING
                      DECLINE OF THE BSE, AND HE WAS NOW OFFERED THIS
                      UNEXPECTED PRESENT COURTESY OF EURONEXT.  THIS IS
                      PERHAPS ANOTHER EXAMPLE OF THE ADAGE THAT VICTORY
                      HAS MANY FATHERS, BUT DEFEAT IS AN ORPHAN.