F.It’s a great day for Stephane Boujnah. For years he has had the vision of a pan-European exchange – an amalgamation of as many European exchanges as possible under one roof. It is the core idea of his Euronext, of which he has been Chairman of the Board for five years. Founded in 2000 as a result of the merger of the Paris, Amsterdam and Brussels stock exchanges, further expansion stagnated. Lisbon was added in 2002, followed by Dublin and Oslo, but there was no big hit, attempts to merge with Deutsche Börse failed, as did takeovers from London.
On Friday, Boujnah and his Euronext are at least a good deal closer to their goal. The London Stock Exchange Group (LSE) is now negotiating exclusively with Euronext for the sale of Borsa Italiana. The Euronext share price jumped 6 percent. Stephane Boujnah was delighted with the prospect. Italy would become the group’s greatest source of income. The Swiss stock exchange SIX looks into the tube. Deutsche Börse has always only participated somewhat half-heartedly in the European stock market consolidation. Your scale is more global. But here, too, mergers with New York or London never came about that could have given Deutsche Börse a place at the top of the global market.