It seems the Germans (the Deutsche Bourse), are on the brink of taking over the Walhalla of American Capitalism, the New York Stock Exchange, better known around the World as "Wall Street ". "I don't look good in lederhosen," said Benedict Willis, 51, a 25-year veteran of the trading floor and the director of floor operations for Sunrise Securities Corp. Several traders, however, were saying they were optimistic about the proposed deal, hoping it would help to grow the exchange's business.
"Wall Street for well over 100 years has had prominent German-Jewish bankers operating here," said Richard Sylla, a financial historian at New York University's Stern School of Business. The proposed deal also recalls a long history of German investment in New York City and on Wall Street, experts said. Some of Wall Street's most famous titans were also of German heritage. They have included German-born Paul Warburg, who was nominated to the New York Federal Reserve's first board in 1918, and the founders of Goldman Sachs and Lehman Brothers, Marcus Goldman and Henry Lehman.
If the deal proceeds it will create the world's largest market in equities and derivatives.The merger also means the focus will be far more on high-speed electronic trading, with far less human interface than before. It will also that approximately 1000 traders will become redundant.
The other blockbuster deal to merge the Toronto Stock Exchange with its London counterpart was left up in the air amid widespread worries that the TSX could be overwhelmed in a marriage with the financially powerful London Stock Exchange. Ontario Finance Minister Dwight Duncan and the Quebec government called for public hearings to vet the proposed $6.9 billion deal and federal Industry Minister Tony Clement said Ottawa has begun a preliminary investigation of the merger.
EU-Digest
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