Sen Schumer: Potential Benefits To A NYSE-Deutsche Borse Merger
13 Febbraio 2011 - 9:13PM
Dow Jones News
New York Democratic Senator Charles Schumer said Sunday he sees
possible benefits to the potential merger between NYSE Euronext's
(NYX) and Germany's Deutsche Boerse AG (DB1.XE).
Support for the merger, "both in the regulatory review process
as well as in the court of public opinion," however, is placing
NYSE's name first in the name of the integrated companies.
Schumer said he was reserving final judgment until a final
announcement is made, but after a Friday meeting with NYSE Euronext
CEO Duncan Niederauer, the Senator said, "there are so far a number
of things to like about a potential deal."
NYSE Euronext and Deutsche Boerse revealed last week that they
were in advanced discussions on a potential combination that would
create the world's largest exchange group for trading stocks and
futures contracts, with a commanding position in stock listings and
market technology. No sticking points are seen for the deal and a
announcement is seen as soon as Tuesday, pending board approvals,
according to a person familiar with the matter.
Schumer said for him to fully approve of the merger, since the
New York Stock Exchange is such a respected global brand, "its name
should come first" in any potential rebranding. The boards are
still negotiating the issue, he said.
He said keeping NYSE first in the name is the "right thing to
do" from both a business perspective and because of the cultural
heritage. "When the stock exchange reopened after the September 11
attacks, it was a symbol of an entire nation rising back to its
feet. The New York Stock Exchange has stood tall during world wars,
and even a Depression," he said.
"It must be preserved after this deal, and it must be preserved
with its name intact," Schumer added.
The New York Democrat said the merger could enhance the
exchange's global competitiveness, especially by giving the company
a platform in the derivatives business. The exchange and Deutsche
Boerse would be equally represented on the management committee,
with managerial control of the new operation given to a NYSE team,
with Niederauer as the new chief executive.
Schumer said the boards could vote on the deal "very soon."
-By Ian Talley, Dow Jones Newswires, 202-862-9285,
ian.talley@dowjones.com
(Jacob Bunge and Aaron Lucchetti contributed to this report)
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