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Article: The battle of the bourses.(Survey)(the growth of equity culture in Europe, and the pressure to integrate stock exchanges)
- Article from:
- The Economist (US)
- Article date:
- May 5, 2001
CopyrightCOPYRIGHT 2001 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOW many exchanges does the European Union, with its much-ballyhooed single financial market, actually need? Nobody knows the answer, but it must be fewer than the 30 or so that it has today (counting derivatives as well as stock exchanges). So much has, however, been clear for a long time. Nearly 15 years ago, Europe's bourses first talked of setting up joint ventures, such as Pipe and Euroquote, which might have been forerunners of a single European equity market. But such attempts have come to nothing. Rudiger von Rosen, now boss of the German shareholders' institute but at the time head of the Frankfurt exchange, sadly recalls a meeting in Copenhagen in mid-1991 at ...