Two into three
WALK first; then run. Such mundane rules seem not to apply to stock exchanges. The plans announced in May by the London Stock Exchange (LSE) and Frankfurt's Deutsche Börse, to merge to form iX (international exchanges) have run into fierce opposition. Yet this week the two said they also planned to merge with Nasdaq, America's second-biggest exchange, to create a global stockmarket. Such a plan, ambitious at the best of times, seems in the circumstances little short of foolhardy.
This article appeared in the Finance & economics section of the print edition under the headline “Two into three”
From the July 22nd 2000 edition
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