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紐交所如何打贏跨國聯姻保衛戰

紐交所如何打贏跨國聯姻保衛戰

Cyrus Sanati 2012-01-18
紐交所與德國證交所的合并計劃已經擱淺,但如果它們繼續瞄準其最大的競爭對手,對銀行展開攻勢,交易仍有希望起死回生。

????此外,證交所也可以嘗試將這一問題政治化,同時向各國部長施加壓力,迫使他們按照自己的意愿進行投票。據知情人士透露,美國負責歐盟事務的貿易部長已經前往布魯塞爾,替紐約證交所進行游說。白宮直接出面呼吁也不無可能,而且可能最終改變歐盟委員會部分委員的立場。此外,兩家證交所還可以給出理由,即超大型證券交易所可以形成一個更加規范的市場,以應對亞洲監管松散的期貨市場不斷加強的沖擊和影響。

????毋庸置疑,游說工作肯定不會那么輕松。同時,兩家證交所還需要防備和應對其強勁對手——大型銀行的游說能力。銀行控制著資金暗池的影子交易與場外交易,利潤豐厚,因此,它們并不想將這塊“肥肉”拱手讓給接受政府監管的交易所。紐約證交所/德國證交所規模更大的期貨平臺將為用戶帶來更大的流動性,使更多的投資者放棄影子銀行,轉而選擇交易所。

????兩家證交所可以宣稱,給合并投反對票就是在為銀行撐腰,從而爭取歐盟各國部長中民粹主義者的支持,尤其是在當前,銀行業在歐洲已經失寵。證券交易所一直在避免與銀行公開發生沖突,因為銀行不僅是它們最大的競爭對手,同時也是它們最大的客戶,這真是諷刺之極。因此,證券交易所在處理這一問題時必須小心謹慎。

????不過,紐約證交所的一位官員在接受《財富》雜志(Fortune)采訪時表示,只要能夠使合并獲得批準,兩家證交所愿意接受銀行帶來的任何后果。所以,雖然這起合并看起來已經如同拳臺上被擊倒的拳手,但現在還不是倒數計時的時候。

????譯者:阿龍/汪皓

????The company could also try politicizing the issue as a way to pressure ministers into voting its way. The U.S. trade minister to the EU is already on the ground in Brussels lobbying on the NYSE's behalf, according to a person close to the situation. A call from the White House isn't out of the realm of possibility and could go a long way in changing a few minds on the committee. In addition, company officials could also argue that the massive exchange would create a strong regulated market to counter the growing power of the loosely regulated futures markets in Asia.

????To be sure, this lobbying effort won't be a walk in the park. The company will need to fight against the lobbying power of a formidable opponent - the big banks. The banks control the lucrative shadow trading world of dark pools and OTC trades and are not happy about the possibility of losing that business to a regulated exchange. The larger NYSE/ Deutsche Boerse futures platform would offer customers more liquidity, which could draw investors out of the shadows and onto the exchange.

????Calling a vote against the merger a vote for the banks could help the exchanges gain some populist points with the EU ministers, especially given how terribly out of favor the banks are in Europe at this moment. The exchanges have tried to avoid a messy public conflict with the banks because they're not only their biggest competitors but they are also, ironically, their biggest customers. Exchange officials had to be sensitive when dealing with this issue.

????But an official inside the NYSE tells Fortune that the exchanges are now willing to accept any consequences that may come from the banks if it means getting the merger approved. So while this merger looks like it has been knocked out, don't start counting down just yet.

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