A good time for Gent to hang up

By ANTHONY HILTON FOR MAILONLINE
Updated: 00:00 BST, 18 December 2002

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IN August last year I 示唆するd in this column that Sir Christopher Gent was thinking it might soon be time for him to やめる as 長，率いる of Vodafone, which just shows that the earlier you 予報する something the いっそう少なく likely anyone is to take any notice. Today, however, it looks as if my suggestion is true.

The 推論する／理由s today are the same as they were then, but 見解（をとる）d from a わずかに different 視野. Fifteen months ago, Vodafone 株 were in freefall and the suggestion here was that the man who had built up the 商売／仕事 by a 一連の bold 取得／買収s was not やむを得ず the man best ふさわしい to the more hum-派手に宣伝する 商売／仕事 of squeezing the best 業績／成果 out of what he had bought.

His 広大な／多数の／重要な talent was in doing 取引，協定s, and in taking the 動きやすい phones 操作者 from a 純粋に British 商売／仕事 to one that （期間が）わたるs the globe. Running the 商売／仕事 要求するs different 技術s and 利益／興味s. 戦略の 見通し is big picture, can-do stuff; sorting out the mess 要求するs mind-numbing attention to day-to-day 詳細（に述べる）.

In August 2001, Vodafone, unlike its competitors, was not 存在 鎮圧するd by 負債 but it was 苦しむing a 拒絶する／低下する in 信用性 and the 株 were losing value by the day.

Since then, the 株 have 選ぶd up from their lows and the company has once again 攻撃する，衝突する the 取得／買収 追跡する - albeit unsuccessfully - in its 追跡 of Cegetel, 監査役 of the number two 動きやすい 操作者 in フラン. It is therefore a suitable moment to leave.

The 商売／仕事 has had its 信用性 回復するd and Gent can step 負かす／撃墜する in the knowledge that he leaves the 商売／仕事 pointing in the 権利 direction.

交流d

UNTIL Nasdaq decided to get rid of its 長，指導者 (n)役員／(a)執行力のある yesterday, it was possible to believe that the 交流s of the world were 対処するing-with this 耐える market a lot better-than their 顧客s, the 投資 banks, 仲買人s and 投資するing 会・原則s.

Now that position has to be 修正するd. It is the 主要な 交流s in Europe, and most 特に those that got their 株式市場 listings, that are pulling away from the pack. In America, with the exception of the New York 在庫／株 交流, they are having a terrible time. Indeed, many are 慎重に up for sale.

In Europe, the London 在庫／株 交流 and Euronext lead the field, with Deutsche Bourse winded by the 減産／沈滞 in the German economy and the 燃やすing of so many 私的な 投資家s in the 崩壊（する） of the Neuer M arkt. The smaller European 交流s, with their more 国内の 焦点（を合わせる）, are いっそう少なく happy. Virt-x, the market for スイスの blue-半導体素子s, lost its 長，指導者 (n)役員／(a)執行力のある a couple of months ago, OM in Sweden is on something of a roller-coaster, although much of the turbulence has resulted from a 下降 in its 科学（工学）技術 商売／仕事s. Jiway's 試みる／企てる to 供給する an electronic cross-国境 market for 私的な 投資家s の近くにd its doors, the cynics would say, without making a 貿易（する）.

Other 従来の 交流s such as Milan and Madrid will probably 現れる 女性 and ready to 合併する when the market 選ぶs up. In the short 称する，呼ぶ／期間／用語, however, there is a question 示す over Nasdaq's 操作／手術s in Europe.

Its 購入（する） of Easdaq, the Brussels-based 交流, has 産する／生じるd it nothing and indeed the few 在庫／株s 名簿（に載せる）／表（にあげる）d on that market are beginning to drift away. Also, there seems to be slow, if any, 進歩 on the much-hyped 成果／努力 to start a Nasdaq market in Germany with the Berlin 在庫／株 交流. The idea may not 正式に have been abandoned, but no one seems to be in much of a hurry to make it happen.

The paradox remains, however, that the 主要な 交流s should be doing so 井戸／弁護士席. In previous 耐える markets, 特に in the 平等に-savage 1972-74 period, 利益／興味 in 在庫／株s and 株 低迷d and 貿易（する）ing 容積／容量s dwindled, taking the income of the 交流s 負かす／撃墜する with them.

The 推論する／理由 appears to be volatility. 反して 10 years ago a 2% movement in a blue-半導体素子 was a rare occurrence, they move much more often now and to a much greater degree. Because the swings are so extreme - up to 30% - 会・原則s are more likely to try to 貿易（する） to 保護する themselves rather than sit it out.

In London, there has been a 抱擁する 沸き立つ in over-the-反対する derivative activity and many of these exotic 貿易（する）s have to be unwound through the 在庫／株 交流 貿易（する）ing system. Occasionally, this can be 騒然とした - indeed, it is likely to be so on Friday which is another of those ３倍になる-witching days when a lot of 契約s 満了する／死ぬ. They ha ve their value crystallised ーに関して／ーの点でs of 株式市場 prices and the volatility comes from 投資 banks trying to 装備する those prices so that they make more 利益（をあげる） or do not lose so much on the derivative.

Friday, therefore, will be no day for an innocent individual to go anywhere 近づく the market.