Let’s be clear. The proposed merger between the Deutsche Börse and the London Stock Exchange is a good idea. There are too many exchanges in Europe and their joint operations are too costly. The traditional exchanges face competition from new trading systems with lower cost bases. Tradepoint, a London-based exchange, plans to go live trading the top European stocks in July and is negotiating with the Swiss Exchange. And Jiway, a merger between OM, the Swedish stock exchange operator, and Morgan Stanley, aims to target private-client brokers.
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