A vast transatlantic stock market emerged on March 27 when the New York Stock Exchange won control of pan-European market operator Euronext, creating an entity worth $29 billion linking trading platforms in six cities.
The two markets said in a statement that the NYSE had acquired 91.42% of Euronext capital and 92.22% of the voting rights according to a provisional tally of shareholder acceptances.
The new leviathan, creating the first inter-continental stock market capitalized at about 22 billion euros, will bring markets in New York, Paris, Brussels, Amsterdam and Lisbon under one group and will also include the Liffe financial futures market in London.
The NYSE and Euronext hope that by coming under one roof, they will be able to increase the amount of their business as each will be open to customers of the other.The two companies will also be able to share the costs of computer systems and administration, saving $375 million in 2009.
Trading in shares of the new company, to be known as NYSE Euronext, will begin on April 4 in Paris and New York.
Copyright Agence France-Presse, 2007
