Euronext next in 戦う／戦い of the bourses

By Ross Tieman
Updated: 00:00 BST, 13 June 2001

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IN THE three-horse race to 支配する 安全s 貿易（する）ing in Europe, Euronext - created last September by the 合併 of the Paris, Amsterdam and Brussels bourses - arrived late at the starting line. But after an astonishingly 早い 統合，差別撤廃, it is now 均衡を保った to float itself in a little more than three weeks, より勝るing the London 在庫／株 交流 to follow Deutsche B?rse into the convoluted new 時代 of 交流s that float themselves on their own markets.

によれば the 最新の 漏れるs, which Euronext 拒絶する／低下するs to 否定する, it is 始める，決める to 申し込む／申し出 25% of its 大きくするd 資本／首都, raising e800m (£490m ) in cash and 的ing a 法人組織の／企業の capitalisation of around e3.2bn.

The 公正，普通株主権 申し込む／申し出d to 投資家s will be a mixture of new 株 and sales by 存在するing 株主s, 含むing ING Barings, Cr?dit Agricole and BNP-Paribas.

Pre-marketing roadshows 操るd by flotation 助言者s ABN Amro Rothschild and BNP-Paribas to 説得する institutional 投資家s to 参加する the international placing part of the 申し込む／申し出 have already begun.

十分な 詳細（に述べる）s are 推定する／予想するd on 21 June when 調書をとる／予約する-building to underpin the public 申し込む／申し出 will begin, in time for 貿易（する）ing to start on 6 July. That neatly pips the London 交流, which is planning to 名簿（に載せる）／表（にあげる） its own 株 'at the end of July'.

Pride aside, both will be able to draw on the experience of Deutsche B?rse, which floated itself on 5 February and, after an 早期に 下落する, now 命令（する）s 法人組織の／企業の capitalisation in the 地域 of e4bn.

The 動機づけ for flotation is simple enough. After failing to 達成する consolidation into a 選び出す／独身 支配的な European 交流, the big three are now engaged in a hard-fought 戦う／戦い to become the pre-著名な 交流 in the European time zone.

That will necessitate その上の 投資 in their computerised 貿易（する）ing systems, 同盟s and 共同s with US and Asian 交流s, 同様に as second-tier bourses in eastern and western Europe, and some hefty 支出 on marketing, like LSE's 最近の 大陸の 小旅行する to 派手に宣伝する up 商売／仕事. Flotation will 供給する new 基金s for this contest and the 適切な時期 to use 公正，普通株主権 to 達成する その上の consolidation.

The LSE remains Europe's biggest market but the other two have made big strides. By 貿易（する）ing many 非，不，無-German companies , Frankfurt has 達成するd hefty 処理／取引 values while Euronext 利益s from the 負わせる of German and Dutch 多国籍のs that use it for their 最初の／主要な 名簿（に載せる）／表（にあげる）ing.

平等に striking is the way Euronext and Deutsche B?rse have become much bigger 商売／仕事s in their own 権利 than the LSE. プロの／賛成の forma 逮捕する 利益（をあげる）s of Euronext, at e127m last year, were way ahead of the LSE, on turnover more than twice as 広大な／多数の／重要な at e752m. Moreover, にもかかわらず London's greater 処理／取引 values and success in attracting new 問題／発行するs, Euronext was growing a lot faster.

This may partly be because it is 利益ing from the later 採択 of Anglo-Saxon 解放する／自由な-market values and the belated 開発 of a 株主 culture in 大陸の Europe. While Britons discovered in the Eighties that the market was the best long-称する，呼ぶ／期間／用語 home for their spare cash, the French are only now moving money from beneath their mattresses into 公正，普通株主権s.

But it also 反映するs greater efficiency and, arguably, entrepreneurship. によれば a 調査する by US 顧問s Elkins/McSherry, の中で major markets, only the New York 在庫／株 交流 申し込む／申し出s lower 貿易（する）ing costs than Euronext Paris - the LSE did not make the 最高の，を越す seven.

一方／合間, with a bit of French 政府 援助（する）, Euronext has worked hard to market its proprietary 貿易（する）ing system, now in use の中で 18 交流s. And it is making a big 成果／努力 to develop markets 目的（とする）d at particular segments, with 計画（する）s to 強固にする／合併する／制圧する its junior markets into Next Economy, for small and medium capitalised companies, and Next Prime, for 科学（工学）技術 在庫／株s, from September.

達成するing a 選び出す／独身 支配する 調書をとる／予約する across three 交流s within different 合法的な 裁判権s is taking time. But the 支配するs for these new markets will 改善する transparency, 要求するing 年次の accounts in English 含む／封じ込めるing a 法人組織の／企業の governance 声明, accounts published to IASC European norms and 年４回の 貿易（する）ing 声明s.

Such 対策 演説（する）／住所 長年の 関心s of many British and American 投資家s and will 高める the m arket's ability to compete with London. 一方／合間, the flow of French privatisations and an 沸き立つ in 大陸の 法人組織の／企業の 再編成 should 供給する a 安定した flow of new listings.

So, while it may be a while before the big three are running neck and neck, Euronext - like Deutsche B?rse - has の近くにd on the heels of the LSE, and, as the 速度(を上げる） of its flotation shows, will 証明する an even tougher 競争相手 in the 未来.