It was more that the reaction of the Paris Europlace association report Lachmann that it had commissioned that the list of the various projects of fusion reactions with Euronext is complete

It was more that the reaction of the Paris Europlace association report Lachmann that it had commissioned that the list of the various projects of fusion reactions with Euronext is complete. It is thing made since Friday. The association has added his voice to a chorus already bringing together French and European listed companies (Ansa and Ealic) and the French Banking Federation (FBF) associations. And the tone is not more supportive.

"We firmly ask Deutsche Börse to consider carefully the proposal of the report Lachmann of fusion of its negotiation with Euronext to form a platform market actions open to a balanced transatlantic partnership, strong, or even a partnership with other global awards," said Gérard Mestrallet, Chairman of the association. There can be no question that this constructive proposal, European spirit, be rejected without review, without dialogue. "In early October, Henri Lachmann, Chairman of the Supervisory Board of Schneider Electric, found that the reconciliation proposal made by Deutsche Börse, Euronext was not fully satisfactory. His eyes, it means an abandonment of the Euronext federal model due to a shift in the centre of gravity to Frankfurt. The idea disagreeable to Euronext or the Nyse, which invited Deutsche Börse and Borsa Italiana in immediate discussions.

John Thain, the pattern of the Nyse, suggested that integration could mean a balance in terms of governance. Remains that it was clear in the spirit of Henri Lachmann that priority goes to the consolidation of cash in Europe before any transatlantic solution. Or Jean-François Theodore and John Thain did intend to step back their contract of marriage in question.

If the team of Reto Francioni, the President of the Executive Board of Deutsche Börse, is called reflection, the transatlantic merger proponents are not left so far. If agreement on the proposal put forward by Henri Lachmann of Deutsche Börse, Nyse-Euronext solution must be improved. "We urge Euronext continue from now negotiating with the Nyse on the governance of a Transatlantic Assembly possible", said Gerard Mestrallet. The report lamented governance unbalanced and does not allow to ensure the sustainability of the autonomy of the European subsidiary of the future entity Nyse-Euronext.

Paris Europlace took into account the announcement, last week, of the proposed merger between the Chicago Mercantile Exchange (CME) and Chicago Board of Trade (CBoT). In this perspective, the association recognizes the Nyse-Euronext proposal the merit of "the constitution of an intercontinental platform" to the marriage of the CME and CBoT, which "strengthens the international competition on the markets." But a balanced governance is a prerequisite, in the same way as the preservation time of the current regulatory and legal environment European.

The birth of a new champion of the derivatives if it gets the green light from the authorities of competition is however not used as an argument in the case of Deutsche Börse. The association remained in gait Lachmann, which advocates that a merger of market cash outside any integration of derivatives markets and the activities of inbranch to avoid any problem of competition or risk of execution. In the end, since the shareholders who will decide the fate of Euronext, Paris Europlace called French users and Europeans of the stock market to take their responsibilities.