Here to stay - for the moment
The head of the Warsaw Stock Exchange (WSE) believes that the Deutsche Börse decision to withdraw from its bid for the London Stock Exchange (LSE) indicates that European national bourses are here to stay for at least the medium term.
"The recent decision by Deutsche Börse getting out of the LSE adventure shows that opinions about the death of national markets are premature," WSE chief executive Wiesław Rozłucki said.
"I think national markets will stay with us for some time. Maybe not a long time, but definitely medium term," he said during a panel discussion with heads of other bourses in Central and Eastern Europe.
Deutsche Börse withdrew its preliminary L1.3 (zł.7.6) billion offer for the LSE, citing a lack of backing from the LSE board and growing opposition from its own shareholders.
The Pan-European exchange Euronext, which operates share markets in Paris, Amsterdam, Brussels and Lisbon, is still holding discussions with the LSE over a possible bid.
Rozłucki said national stock exchanges were best at several key tasks, including recruiting new companies, educating investors and monitoring the market.
"I cannot imagine any pan-European or supranational structure doing a better job in those areas.
"In other areas, like clearing settlement, even order matching, there are economies of scale and some patterns of supranational structures can be introduced," Rozłucki said. (Reuters)
"The recent decision by Deutsche Börse getting out of the LSE adventure shows that opinions about the death of national markets are premature," WSE chief executive Wiesław Rozłucki said.
"I think national markets will stay with us for some time. Maybe not a long time, but definitely medium term," he said during a panel discussion with heads of other bourses in Central and Eastern Europe.
Deutsche Börse withdrew its preliminary L1.3 (zł.7.6) billion offer for the LSE, citing a lack of backing from the LSE board and growing opposition from its own shareholders.
The Pan-European exchange Euronext, which operates share markets in Paris, Amsterdam, Brussels and Lisbon, is still holding discussions with the LSE over a possible bid.
Rozłucki said national stock exchanges were best at several key tasks, including recruiting new companies, educating investors and monitoring the market.
"I cannot imagine any pan-European or supranational structure doing a better job in those areas.
"In other areas, like clearing settlement, even order matching, there are economies of scale and some patterns of supranational structures can be introduced," Rozłucki said. (Reuters)
