graphic
News > International
Euro bourses talk merger
April 20, 2000: 11:31 a.m. ET

London Stock Exchange names new boss amid merger talks with Frankfurt bourse
graphic
graphic graphic
graphic
LONDON (CNNfn) - The London Stock Exchange confirmed Thursday it's considering a merger with Frankfurt-based Deutsche Boerse, the company that runs the Germans stock exchange, in a deal that would link the two biggest exchanges in Europe as stock markets across the region consolidate.
    The LSE said the announcement was intended to dispel what it called recent "misleading press reports".  It also named Don Cruickshank, chairman of Scottish Media Group and the former chief regulator of the U.K telecommunication industry, as the next chairman of the exchange.
     "Discussions are taking place with Deutsche Boerse to see if a merger between the two exchanges can be the first major step" in the process of simplifying the trading of securities across Europe and globally, the LSE said in a statement.
    The exchanges first started talks to form the core of a pan-European stock market two years ago, and expanded their plan to include six other national stock markets. The effort ran into trouble over issues of ownership and the choice of a uniform trading system.
    Press reports earlier this week said talks were under way toward a deal that would hand up to two-thirds control of a combined exchange to Deutsche Boerse.
    The drive toward consolidation among Europe's stock markets has accelerated in part due to last year's launch of the euro as a common currency used by 11 European Union nations. Last month, the stock exchanges of Paris, Brussels and Amsterdam came together to form a three-way regional exchange. The United Kingdom is not in the euro zone and its trading is carried out in British pounds.
    Last month the London stock exchange became a for-profit company, shucking its past as a body owned by its members, the brokers that trade on the exchange. Like the U.S. Nasdaq stock market, both the London and Frankfurt exchanges conduct transactions electronically, contrasting with the New York Stock Exchange where floor traders continue to execute stock purchases and sales. Back to top
    -- from staff and wire reports

  RELATED SITES

London Stock Exchange

Deutsche Boerse


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.