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The New World Order

Traders Magazine, July 2002

John A. Byrne

It may seem like dangerous and foolish talk as stock markets stumble and slide. But some see a rare opportunity for a high-profile merger of the world's major exchanges. Sure, the London Stock Exchange and Nasdaq have, once again, walked away from the table in recent days. Yet, tomorrow, it could be the turn of the New York Stock Exchange and London for fresh merger talks. It could be a merger of the three big exchanges, or an alliance of Germany's Deutsche Boerse and the French run Euronext. The point is that globalization, an obvious force in today's world of advanced technology and cross-border trading, is pushing exchanges into alliances. The serious players, conscious of the "first mover" advantage, may take the bear market as a temporary interruption in a longterm but potentially lucrative mission.

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