New York, Frankfurt Stock Exchanges Announce Merger
Posted February 15, 2011 3:56 pm.
This article is more than 5 years old.
In the wake of last week’s announcement of the planned $2.9 billion merger of the Toronto and London Stock Exchanges comes confirmation the operators of the New York and Frankfurt Stock exchanges are joining forces to create the largest exchange operator in the world.
The latest deal was announced Tuesday and no name for the new company – which will have dual headquarters in both Manhattan and Frankfurt – has been floated yet.
Upon completion, the new company will also own exchanges in Paris and Amsterdam as well as other cities – all of which will continue to operate under their existing names.
The operator of the Frankfurt exchange, Deutsche Boerse, will control 60 per cent of the new company’s board of directors. At least one American politician is calling for NYSE to appear first in the new name.
The New York exchange dates back to 1792 — an institution of capitalism that has lost some of its relevance in the digital age.
The iconic American trading floor will continue to operate as usual with its hurried pace and shouting despite the fact most trading is not performed on the exchange floor but on computers.
And while German and American officials prepare for their big move, Industry Minister Tony Clement said Monday he’ll be reviewing the planned merger of the Toronto and London exchanges.
