Playing with Exchanges

Want to know why Euronext is the subject of a bidding war, and which exchanges are likely in play? Just look at the 2005 list of largest IPOs, and then see where their primary exchange is located. Notice: U.S. exchanges are conspicious by their almost complete absence.

[Update] More here from the NYSE’s John Thain during this morning’s analyst call, who makes clear why the deal is immediately accretive to shareholders — cost-cutting:

John Thain – NYSE Group Inc. – CEO
… to give you an idea, we believe that there are $100 million of revenue synergies, really opportunities for us to expand into new products combining the two entities. And $275 million of expense synergies of which 250 are really technology related. And that’s really where we spent a huge amount of time.


  1. The question is: Why the disparity?
    The answer – presumably – is listing requirements, including Sarbanes-Oxley, etc.
    The next question, then, is: What are the likely long-term impacts of this disparity / the underlying *causes* of this disparity?…
    I am new to your blog, but curious whether this is the sort of thing you think about, and comment on.