Boards Approve NYSE-Deutsche Boerse Merger
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This is ALL THINGS CONSIDERED from NPR News. I'm Michele Norris.
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As NPR's Jim Zarroli reports, officials with the New York Stock Exchange say just don't call it a takeover.
JIM ZARROLI: But the NYSE's Duncan Niederauer sounded a serious note, calling it a historic deal. He said both partners had tried hard to maintain a position of strength in a fast-changing industry.
DUNCAN NIEDERAUER: I think today's announcement represents the next step in this journey for both of us, which will now be a shared one, to reinvent the industry and redefine what it means to be an exchange in the 21st century, which is what we tell our people here all the time.
ZARROLI: The days when stocks were traded by shouting men on the exchange floor are over, said Paul Sagawa, who works on Wall Street.
PAUL SAGAWA: More and more, that's being done, you know, machine to machine and whether that computer is located in New York City, in, you know, Frankfurt, the trades are going to get made between people who want to execute them.
ZARROLI: The NYSE's Niederauer today scolded reporters who have referred to this deal as a takeover.
NIEDERAUER: Right now the NYSE Euronext board is quite global, so is the Deutsche Boerse board. Both executive teams are quite global today. This is not like a U.S. and a German company are getting together.
ZARROLI: James Angel, associate professor of finance at Georgetown University, pointed out that many of those shareholders are large institutional investors like mutual funds that have interests all over the world. But Angel said time will tell whether this is a merger or a takeover.
JAMES ANGEL: There is a lot of talk about mergers of equals. But usually when that happens, sooner or later, one side of the organization tends to dominate. It remains to be seen who will dominate in this merger.
ZARROLI: Jim Zarroli, NPR News.
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