The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

London Stock Exchange holds the key

The focus of consolidation of European equity exchanges lies in the triangle of Deutsche Börse, Euronext and the London Stock Exchange. To the impartial, dispassionate observer, there might seem little problem with any tie-up between London and a continental European player. But to those who work and live in the markets, exchanges, like national airlines, are a mark of a country's honour and something to be fought for.

"There is a lot of hubris about all this, there's a lot of national prestige," says Richard Kilsby of securities market consultancy Efficient Frontiers, who while at the LSE helped to establish its Sets trading system. "There is still something about being the biggest exchange in Europe. It doesn't matter who is the most profitable."

But the EU wants to free up the ability to trade and the LSE, being fully listed, remains a potential takeover target for any acquirer willing and able to make a compelling offer to its shareholders.

Although Werner Seifert and Deutsche Börse have already tried and failed once to get their hands on the LSE, Euronext is moving up on the rails and indeed is seen by some as the more likely of the two to win London over.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree