But they don't want to precipitate convincing

Euronext users showed that they were not ready to cede to the sirens of Deutsche Börse for a merge at any price. But they don't want to precipitate convincing. Yesterday, BNP Paribas has opposed a strong denial to information published that morning by the "Financial Times" on any a priori opposition to the project of reconciliation between Euronext and Nyse.

"BNP Paribas has no preference for one or other of the current projects of rapprochement with Euronext, stated the establishment in a news release. For this reason, the Bank supports Europlace in its decision the week last to appoint Henri Lachmann to study approximation scenario Euronext-Nyse, as well as potential alternative scenarios. It is for this reason also that, at the general meeting of Euronext, BNP Paribas had voted against the idea that a merger with Deutsche Börse was a priori the best solution.

If Dominique Hoenn, Vice-Chairman of the Supervisory Board of the Pan-European stock exchange and Adviser to the President and the Director General of BNP Paribas, voted last week against the Nyse-Euronext in Council marriage, says the "Financial Times", is first and foremost to give themselves time to analyze each of the two solutions.

"Excess in haste".

This vote would be in line with the rejection of the resolution Winchfield. The transatlantic solution such as that of a continental alliance must not be the fruit of a compromise, they must be, one as the other studied closely, including in the area of governance. BNP Paribas, by further Bank-Board of Euronext, is not in favour of "excess precipitation".

For its part, Euronext also seemed to want to deflate the importance of this dissent, recalling that the proceedings shall act freely and the Dutch rules of governance. And as such its members are independent. Euronext also noted long-standing Dominique Hoenn and Euronext relationships and friendship linking to Jean-François Theodore.

Recalling its support and accompaniment to the strategy of Euronext, its mobilizing the threat represented by the evolution of the capital of the Pan-European stock exchange, Paris Europlace indicated Friday his intention to deepen its reflection. If a transatlantic operation appears, at this stage, provide opportunities in terms of enlargement of the market and attractiveness for international issuers, it poses a number of issues, said the association. The Chairman of the Supervisory Board of Schneider Electric will be the mission, with a group of potential alternative scenarios and work, to evaluate the Nyse Euronext transaction... If Deutsche Börse agrees to reconsider its copy.

In addition to governance, peacekeeping in the duration of the regulatory and legal environment will be husked. As such, the agreement between regulators on the manner in which will be managed together the new is especially expected. Present in Hong Kong in a forum of IOSCO, Michel Prada, President of AMF, and one members of the & Securities Exchange Commission, Roel Campos, may fix the terms and conditions of work for the implementation of this agreement. However, the process may take some time. On the side of Euronext, hopefully a solution to the month of October, being optimistic.