论欧洲证券交易所合并的原因及影响

On Reasons for the Mergers of Stock Exchanges in Europe and Their Effects

阿姆斯特丹、布鲁塞尔、巴黎交易所于 2 0 0 0年 3月 18日达成合并协议 ,紧接着伦敦、法兰克福交易所于5月 3日也宣布进行合并。从这两次合并的共同原因来看 ,电子计算机技术的进步使合并在技术上成为可能 ,而交易所之间的竞争和场外证券交易市场的发展给交易所带来的压力 ,则是产生合并的动力。从各自原因来看 ,荷、比、法三家证券所的合并在很大程度上是被欧洲货币联盟的建立和欧元的产生所推动的 ,而英、德两家交易所合并则旨在强强联合 ,巩固和提高交易所的地位。欧洲证券交易所合并的浪潮是证券交易所发展史上的突破 ,也是金融全球化的进展 。

The Amsterdam Exchanges (AEX),the Brussels Exchanges (BXS)and the Paris Bourse SBFSA were merged into the EURONEXT on March 18th 2000,followed by the merger of the London Stock Exchanges (LSE)and the Deutsche Bourse on the third of May.Generally speaking,the improvement of computer technology made the mergers possible,but the pressure arised by the competition among excharges and the development of off-Exchanges-Market was the initial impetus to them.However,the merger of the AEX,the BXS and the Paris Bourse SBFSA was substansively compelled by the establishment of the European Monetary Union and the emergence of Euro,while the merger of the LSE and the Dentsche Bourse was designed to make a giant among exchanges.The wave of frequent mergers of exchanges in Europe is the breakthrough in the exchange history as well as the development of the fanancial globalization,and sooner or later it will exert vital effects on the international finance structure.