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Archive for Thursday, April 5, 2007

First trans-Atlantic stock exchange opens

April 5, 2007

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— NYSE Euronext shares slipped in their first day of trading Wednesday following the completion of the $14 billion deal that created the first trans-Atlantic stock exchange. Executives were already talking about making the company even bigger.

The deal combined the owner of the New York Stock Exchange with European exchange operator Euronext NV. Shares of the new company fell 1.7 percent to $99.13 in afternoon trading on the Paris exchange. Its shares in the U.S. fell $1.68 to $99.32 in the first hour of trading.

The creation of NYSE Euronext, the world's biggest stock exchange, signals a new era in global consolidation of financial markets, with its stock traded continuously for 13 hours a day on two continents.

At ceremonies in Paris' historic bourse, blue confetti rained down on executives after the initial share price flashed on a screen. Soon afterward, executives boarded a flight for New York, where they were to ring the closing bell at the New York Stock Exchange.

Executives said the priority for now is to integrate the newly merged companies, though they remain open to a deal with Frankfurt's Deutsche Boerse AG, and to cooperation with other exchanges in Europe and Asia.

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