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2 euronext had been talking to london too and london

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2Euronext had been talking to London too, and London to the Nasdaq (which at one point even held almost 30% of LSE’sstock). OMX had made a bid for LSE too. In the end, the Nasdaq seems to have ended up as the owner of OMX, with Dubaias co-owner; OMX is hot because of its software systems.
3OMX sells a highly regarded trading “platform” (a trading software system), and had over sixty software customers at thetime of writing (most of them not for entire trading platforms, though). Atos Origin, which developed Euronext’s platform, runsits systems on at least thirteen exchanges. Montreal, which had provided the original electronic order-driven trading systems inEurope in the 1980s, has successfully sold its SOLA system in Asia; Boston’s Options Exchange also uses it.4SEAQ stands for Stock Exchange Automated Quotation; Nasdaq stands for National Association of Security DealersAutomated Quotation.5New York Stock Exchange; American Exchange (also located in New York, right next to ground zero). Amex and Nasdaqmerged in 1998 but broke up again in 2004. Amex has the softest listing and disclosure requirements of all three. It now looks asif Amex will end up in NYSE’s arms soon.6Via DTC’s subsidiary, the European Central Counterparty (EuroCCP).7The acronym modestly refers to a Better Alternative Trading System; the founder, Dave Cummings, loves to be picturedholding a baseball bat “to whack Nasdaq.”8The name alludes not to a sexist term for younger persons of the female gender, but to X, for eXchange, and to the Greek chi(χ), the “cross” that is meant to echo the notion of crossing.9NYSE’s interest in Archipelago was not just based on the latter’s electronic know-how, but also in its ownership of a (young)derivatives exchange. Similarly, one of Euronext’s attractions, to NYSE, was its ownership of LIFFE. The idea is that trading instocks and derivatives should be better integrated, including the clearing and settlement. Deutsche Börse has similarly boughtICE to add to its existing high-flying derivatives exchange, Eurex—itself a merger of Deutsche termin Börse and Switzerland’sSOFFEX. But this type of integration is across products, not across markets.10Nowadays,deliverablebearer shares are getting rare: instead of buying and receiving a piece of paper, the buyer is beingrecorded as being the new owner of a share that is physically residing with a clearing organization and custodian likeClearstream or Euroclear—this is still different from a registered share, where the issuing company is keeping the register; asecurities accountwith a bank will also do. Deliverable bearer securities are set to disappear altogether, in Europe, by 2015.11Both Unilever and Royal Dutch Shell were created by a merger between a Dutch and a British company. For tax reasonsthe new working company was, however, 50/50 owned by two holding companies, one Dutch and one British, and the listed

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Term
Winter
Professor
N/A
Tags
Exchange Rate, Foreign exchange market, CFO

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