And more synergies were possible particularly in computer systems

The approach of the date of the General Assembly of Euronext grows its leaders to increase efforts to explore different avenues of consolidation. According to our information, the Pan-European stock exchange is currently studying the possibility of a partnership with Borsa Italiana. Sources close to the record are intense lobbying of Paris to the Milan Stock Exchange. Lobbying which won some success with several Italian institutional investors.

It is true that for Borsa Italiana the situation changed dramatically. In the past, Massimo Capuano, its Chief Executive Officer, had repeatedly mentioned his preference for a strategic alliance with the London Stock Exchange (LSE). Preference which corresponded to the wishes of intermediaries and clients of the transalpine market. But with the incursion of the Nasdaq in the capital of London Square, the deal is no longer the same, recognizes a close of Borsa Italiana.

In addition, financiers of the peninsula emphasize that probable new Italian Minister of economy, Tommaso Padoa-Schioppa, is a proud supporter of a unified scholarship of the euro area, able to compete with an anglo-saxon European market organized around the London Stock Exchange.

"Lots of not back."

The Board of Directors of Borsa Italiana tomorrow, the agenda includes a review of the introduction on the stock exchange of place process, scheduled for the end of 2006, will discuss different options in the presence. "We are determined to play a role of actors in peacebuilding in market companies," said recently Massimo Capuano. But it is unlikely that the federal model proposed by Euronext be to the liking of the Milan square. "This model works well applied to small Awards;" "it is otherwise when it comes to market of large-sized companies", says a transalpine financial source. The same source questioned press information which speak of a process of convergence very advanced between Borsa Italiana and Euronext. Yesterday, the German financial newspaper "Börsen Zeitung announced the conclusion next entries cross between Euronext and Borsa Italiana Exchange. On this point, "he should do a lot of not back", continues the same source.

However, should not exclude completely Milan forging a strategic alliance before its first rating on the stock exchange. "The two processes are parallel, but one does not interfere with the other," still complete the mentioned source.

In any event, it should be a reconciliation between Euronext and the Italian Stock Exchange, this agreement would not be such as to reverse the balance of power in the German option, minimiset - on in the entourage of the Pan-European market company. Officially, Euronext leaders continued discussions with several parties. But it seems indeed that the US alternative has taken precedence over others in recent weeks.

A better accepted scenario

Yesterday, the Wall Street Journal indicated that the record of the rapprochement with the New York Stock Exchange had advanced to the point that the Pan-European company would have sought the agreement in principle of the Treasury and the French regulator. Jean-François Théodore, Euronext pattern, again met his Nyse counterpart, John Thain, during a visit to the United States in the beginning of the week, to discuss the conditions of a merger of the two trading platforms.

In fact, a reconciliation with the New York Stock Exchange Euronext would pose fewer problems than a merger with Deutsche Börse. For at least three reasons. Such a scenario would be probably better accepted by the European competition authorities. The Pan-European enterprise managerial structure would be more likely to be preserved. And more synergies were possible, particularly in computer systems.