交流's best bet is to sight tight

By Anthony Hilton for MailOnline
Updated: 00:00 BST, 22 January 2002

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CLARA FURSE, the 在庫／株 交流 長，指導者 (n)役員／(a)執行力のある, is up before the 財務省 Select 委員会 of MPs today to explain why she failed to take over the London International 財政上の 未来s 交流 and what the 未来 is fo r the LSE without the 取引，協定.

Also appearing are the successful 入札者 for Liffe, the Euronext 長，指導者 (n)役員／(a)執行力のある ジーンズ-Francois Theodore, who might explain that his success, at least in part, was because he 申し込む／申し出d to 支払う／賃金 more. Another attendee is Liffe chairman Sir Brian Williamson who, with luck, will repeat his 主張 that selling to Euronext is a very good way to 説得する the French to channel more 商売／仕事 into London.

What the MPs need to get their minds 一連の会議、交渉／完成する, however, is that the Paris-London 取引，協定 could end the nationalistic スピードを出す／記録につける-jam that has 土台を崩すd all 成果／努力s so far to create a Europe-wide 安全s market 組織／基盤／下部構造.

The 引き継ぎ／買収 of Liffe has put 新たにするd 圧力 on the London （疑いを）晴らすing House and フラン's Clearnet to see if they can 合併する - because Liffe and Euronext are the biggest 顧客s of both. If they can, it will 申し込む／申し出 重要な 貯金 in the regulatory 資本／首都 要求するd of （弁護士の）依頼人s by 許すing them to 逮捕する off their positions across many European markets. Such a 取引，協定 would also help Euroclear develop its 役割 as an international 植民／開拓者 of 公正，普通株主権s to match its 支配的な position in 社債s.

一方／合間, Frankfurt, which so long seemed the major 可能性のある 競争相手 to London, is 落ちるing behind the pace. Its market for young companies, Neuer Markt, is in 混乱 and about to blow the proceeds of the 株式市場 flotation of Deutsche Bourse on acquiring Clearstream, the Luxembourg-based 解決／入植地 商売／仕事. This will make it a coherent, vertically 統合するd 交流 - a 'silo' - embracing 貿易（する）ing, （疑いを）晴らすing and 解決／入植地, but the model is not 特に 控訴，上告ing to international 顧客s.

Where the London 在庫／株 交流 fits in is anyone's guess. Its best bet short-称する，呼ぶ／期間／用語 is to sit tight, do nothing and enjoy the 苦痛 the 耐える market is （打撃，刑罰などを）与えるing on its competitors. A year or two hence the chances are it will link with Euronext and Virt-X, which has the スイスの blue-半導体素子s, to create the 支配的な European 公正，普通株主権s 交流. The price for this may 井戸／弁護士席 be French 所有権 but London 場所.

But as Brian Williamson said when he sold Liffe, it does not really 事柄 much who owns an 交流. What it does, and where its 顧客s are, are important.

Water ways

WATER is the forgotten battleground of 規則. Since the last 解決／入植地 on the 産業 and the introduction of a price 政権 which many companies considered a step too far, 公正，普通株主権 資本／首都 has 砂漠d the 産業. Welsh Water, Southern and Anglian have in different ways sought to 取って代わる 公正，普通株主権 with 負債. Several others 捜し出す to do the same. The 推論する／理由 in all 事例／患者s is that they do not think the regulatory 政権 申し込む／申し出s 公正，普通株主権 支えるもの／所有者s an 適する return.

Enter Pamela Taylor, 長，指導者 (n)役員／(a)執行力のある of the 貿易（する） 協会 Water UK, with a 嘆願 for the entire 産業 - 政府, regulator, 環境保護主義者s and lobbyists - to get together and create a 維持できる long-称する，呼ぶ／期間／用語 計画（する） for the 産業. The 刺激（する）, she says, is a 来たるべき European Union Water 枠組み 指示的な which creates a 詳細な計画 for a radically different 産業 by 2015.

The 現在の system is 'short-称する，呼ぶ／期間／用語, 防御の and confrontational', she says, and will probably result in 重要な 決定／判定勝ち（する）s which should be taken now or やめる soon 存在 deferred 無期限に／不明確に because they are difficult and will cost money. It is the way 政府 and the civil service work. It is not the way to 配達する a high-質, 井戸／弁護士席-planned and efficient water 産業.