What will be the result of the merger between euronext and the New York Stock Exchange ?

• Sylvain de FORGES
  Co-author, Lachmann Report
  Co-coordinator, group of issuing French Euronext shareholders
  
• André LÉVY-LANG
  Former president, Paribas
  Associate emeritus professor, Paris IX-Dauphine University
  

Summary

Stock exchanges are companies which are almost the same as other companies. They function in terms of growth, critical size, profitability and competition in a way which has become global. For a number of years, this is how they have been considered when making comparisons between European and non-European stock exchanges, and most recently between Euronext and either the New York Stock Exchange (NYSE) or the Frankfort Deutsche Börse. However, there are many people in the economic sphere who do not think that stock exchanges are like other companies because they play a key role in the organisation of the funding of economies. Given two such conflicting points of view, have we heard the last word on the subject or has the first opinion prevailed once and for all ?

Summary translated from French by Rachel MARLIN.

• The entire article was written by Pascal LEFEBVRE.

To obtain this article, you can :

• download it in French (PDF help) using your password or contact ecopar@paris.ensmp.fr (Reference VA040507).

The entire article appears in French in the Journal de l'École de Paris du management N° 68.