NYSE Executive: Merger Necessary To Stay Competitive
13 Giugno 2011 - 10:46PM
Dow Jones News
The proposed merger of NYSE Euronext (NYX) and Deutsche Boerse
(DB1.XE) is the latest chapter in the iconic trading floor's
evolution to stay competitive in global markets, executives
involved in the merger plan to tell lawmakers Monday.
"Our proposed merger is simply a continued reflection of how we
must adapt and change in order to remain a leader among exchanges,
a fierce competitor that services the needs of its clients and an
advocate for transparency and fair play," NYSE Euronext Chief
Operating Officer Larry Leibowitz said in testimony prepared for a
congressional hearing.
Without "diversifying and globalizing," NYSE would be "doomed to
become a charming but irrelevant anachronism," Leibowitz said.
Leibowitz will testify before a House Judiciary subcommittee on
the merger. International Securities Exchange Chief Executive Gary
Katz is also scheduled to testify.
-By Jamila Trindle, Dow Jones Newswires; 202-862-6684;
jamila.trindle@dowjones.com
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