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The assessment criteria applied are of two kinds. The first concern the prospects for the development of Paris as a financial centre, while the second relate to questions of market organization and governance. Purely financial aspects in terms of the creation of shareholder value were not considered.
The report notes that:
The project associating Euronext and NYSE offers opportunities for the development of Euronext markets, but gives control to NYSE with no long-term assurance of the continued development of the European side of operations in the interest of users.
The proposed tie-up between Deutsche Börse and Euronext also offers opportunities for Euronext markets. However it entails serious implementation risks, and given the very considerable differences in the scope of the two exchanges’s activities and their respective market models, does not allow for the preservation of Euronext's federal model.
Finally the report concludes:
“The most promising scenario would be for Deutsche Börse to contribute its cash equity trading business to Euronext in exchange for Euronext shares. This would initiate a process that could naturally bring Borsa Italiana within the scope of the pan-European exchange and lay the foundations for a future alliance with NYSE on a more balanced basis.
Summary and conclusions
Full report (French)