The European Commission does think about nothing

There was some scholarships become private businesses. Euronext, the Pan-European stock exchange, is thus listed on Euronext. And it is now engaged, on its own, in a project of "merger" with the New York Stock Exchange, Nyse. Can we accept that Euronext becomes a mere subsidiary of the Nyse "It's a merger between equals!" defending Euronext, but well placed to know that there is no previous reconciliation "egalitarian" between two different-sized companies. The Nyse to mollify the Europeans certainly agreed that the Board of Directors of the new set is composed to parity of Americans and Europeans. But that is a "European" within the meaning of the agreements will be Any person who resides in Europe for more than a year... And designate each year these representatives "European" The shareholders of the new set, which will be 60 the former shareholders of the Nyse... Many people find that the proposed scheme does not guarantee sustainability leaders from Euronext. Euronext is therefore purely and simply buy by the Nyse, and "Nyse-Euronext", the holding company of head, will be an American company based in the headquarters of the Nyse. The SEC welcomes officially. The European Commission does think about nothing. The French Government, not more. He abdicated his power of decision on the matter in favour of an independent administrative authority, the authority of the financial markets, which are said, would be seduced by the idea of this redemption. Our consternation is total.

Because scholarships are not like other companies. Should they be elsewhere as the number of failed regulatory tools They are a key element of the financing of the economy. They participate actively in the development of policies and practices that determine the legal environment of listed companies. They are one of the instruments of economic sovereignty. Euronext is not any scholarship: it is the result and the instrument of a European construction to the bottom. Born of the approximation of the squares of Paris, Brussels, Amsterdam, London (for the Liffe) and Lisbon, it is designed to allow its other large European to become the European reference stock exchange places. It is a proactive, decentralized and efficient, based on a harmonization of the rules of market and regulatory framework. Euronext allows Europe to decide its fate in a framework where the financial regulation can be mastered and the development of companies. And it would transform this European success in American subsidiary

In reality, that offers the Nyse A dangerous operation, because it is the American legal imperialism Trojan horse. It is the remembered: which sets out the rules dictates his act... The law, it is sovereignty. Be a subsidiary of Nyse Euronext, give US the power to interfere in the determination of the rules that govern our business. But American law did not prevent the WorldCom and Enron scandals. Of course, the Nyse claims protect Euronext this imperialism by giving a foundation Dutch, composed for the occasion, the so-called power to oppose. A simple reading of the contract between the Nyse and Euronext shows that, again, it's sham. It is also the conclusion of three former members of the SEC including its former Chairman, Harvey Pitt , who, at the end of a close analysis, see illusory the proposed protection. Here only a few examples, from the 700 pages of documentation officially published in the United States on the subject to give. First of all, the Foundation is not independent: its three leaders will be designated by Nyse-Euronext (European regulators with a simple right of veto) and shall be removable by Nyse-Euronext (without control of the same regulators). They act in the sole interest of Euronext and Nyse-Euronext. Then, the Foundation cannot act in the event of future changes in American law, "significantly adverse" effect on a "substantial" proportion of issuers quoted on Euronext. Thus, nothing is expected if Nyse-Euronext adopted "voluntarily" under pressure from the SEC rules like this frequently. And nothing shall prevent the SEC to an extraterritorial reach of existing U.S. law, citing, for example, operations (announced) to bring the Nyse and Euronext.

This is technical, I agree but the financial markets authority returned in these considerations critical to the assessment of the operation This institution promotes its technical competence to establish its legitimacy. At-she read all the documentation, consulted all stakeholders, took the measure of the historic responsibility which has been mismanaged What would be an independent authority that would organize our dependence on our opponents in this economic war made us Need to seriously think about a return of sovereignty in important decisions. The Nyse and Euronext have expressly conditioned their approximation to the absence of opposition to the authority of financial markets and the Ministry of economy and finance. The AMF is currently before the record. It must take its responsibilities: the lost independence of Euronext will not return.