NYSE nears transatlantic finish line
TEXT OF STORY
MARK AUSTIN THOMAS: Meanwhile the SEC is close to approving a big merger between the NYSE and Paris-based Euronext. Marketplace’s Amy Scott has more.
AMY SCOTT: If approved, the merger between the NYSE and Euronext will create a $29 billion company with operations in New York, Paris, London and Amsterdam.
And in all likelihood it will keep growing. The NYSE recently announced a new alliance with the Tokyo stock exchange and took a five percent stake in India’s national exchange.
Michael Henry follows the exchange business for Accenture. He says expansion will allow the NYSE to offer its customers more.
MICHAEL HENRY: In order to be successful in the market of the future, you’re going to need to have scale so you can provide lower transaction costs. You’re going to need to have multiple products, and you’re going to need to have multiple jurisdictions so you can offer listed companies a choice.
The two companies will have to bridge cultural differences and two different technology systems.
If they succeed, the NYSE estimates the new company could save some $250 million.
In New York, I’m Amy Scott for Marketplace.
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