LondonNet News Headlines
|Jobs Scare as Frankfurt and London Merge
- Nasdaq could also join new exchange
CITY jobs are under threat following the announcement of a merger between the London and Frankfurt Stock Exchanges.
Although the merger is being sold as a marriage of equals, experts were quick to point to the fact that the new bourse, to be named IX, will run on the technology already used by Frankfurt and will be headed up by Frankfurt Chief Werner Seifert, signs perhaps, that London jobs will go to the capital of German finance.
On the other hand, IX will have its administrative HQ in London and British hi-tech companies are thought to largely welcome the news that IX will link up with Nasdaq to create a new pan-European technology bourse, a move that could give UK IT start-ups access to a greater range of international finance.
Reports also suggest that the new exchange will be quoted in euros, handing a further blow to the Little Englander camp that has fought with such bitterness to force Britain to keep its traditional sterling currency.