How could it workThere are a number of models

Despite new concessions, you persist to repel the advances of Deutsche Börse. Why

Deutsche Börse actually made some progress, but that does not radically change the structure of their offer. Several points are always a problem. The idea that the Director General and the Financial Director of the new set are statutorily reside in Frankfurt seems me curious for a project that is European. The large central functions remain they directed since the Germany.

Choice of trading systems, if I am pleased that our NSC system chose for the actions of Eurex for derivatives led to a strengthening of the organization in silo. Eurex is an integrated system of negotiation and compensation. The logic is therefore that compensation made today by LCH.Clearnet is tomorrow performed by Eurex Clearing.

As the computer joint venture with Atos, the distribution of its capital remains as vague. These elements are compared to the partnership project balanced with the Nyse, which will allow Euronext to develop its technology on a global scale and attract in its markets of the countries in the emerging economy companies.

Hence your dismissal

I refer rather to the fact that this new proposal does nothing of profoundly new.

But did you really alternative response on the basis of the agreement that binds you with the Nyse

The agreement with the Nyse reserve the possibility for Euronext to consider an offer that is more favourable. It does not provide for compensation for breach clause, but we believe have a commitment to the Nyse. We are convinced that our merger is a wonderful opportunity for our shareholders and customers. Shareholders who, both to the Nyse, Euronext will be also called upon to rule twice: on the filing of tenders and to validate the transaction.

A more favourable offer... You mean financially

Not exclusively. Legal, financial, regulatory aspects and timing are concerned.

The agreement with the Nyse does not unanimity, especially in political circles. Do you understand these reservations

Is it sufficient for the large European stock exchange or the eurozone set the first and the second mainland market company, whose models are so different Remember that Deutsche Börse does that 16 of its activity on equity markets. Its model of vertical silo organization opposed to our federal and open structure without even referring to the problem of localization of the activities in a single city. Build a group on synergies only of costs is not the best way of projecting Euronext in global peacebuilding and to allow the euro to parity with the dollar on the primary market of shares. The agreement with the Nyse is a true development project which removes nothing to Euronext and instead allows it to be the engine of an irreversible movement of consolidation around the world to the potential risk of others to create an offshore market in euro.

Why have accepted that the Nyse-Euronext holding is installed in the United States

Primarily for tax reasons. According to our last estimate, 70 of the shareholders of the new group will be American. Place the holding otherwise would have been for them the negative fiscal consequences.

But it could be binding counterparties for regulation

No agreement will be with the Nyse that not has been previously approved by five European regulators of Euronext and at least three Ministers of finance. It is a sine qua non condition which is a guarantee for the shareholders as to the users that the Sarbanes-Oxley Act will not be applied in Europe.

What about U.S. laws such as the Patriot Act or any reversal of the Congress

Our lawyers are currently working on a State of the premises for regulators, and they, the Patriot Act only applies to banks and not to the Nyse. New laws that could adopt the Convention, it is clear that regulators to think about the implementation of a safeguard clause that would allow to operate, if necessary, a temporary decoupling of European and international group structures.

How could it work

There are a number of models. When we had envisaged the purchase of the London Stock Exchange, we had thought with the British regulator mechanism of trust to avoid the risk that one of the two partners could empty of substance. This is not necessarily the solution in this case, but tools exist to prevent a negative evolution of the legislation. And then don't forget that our market companies operate on activities regulated under licences granted by public authorities.

Governance, have you already decided the distribution of roles in the holding company

It is too early. Our teams agree well, but still somewhat know. This will be a light structure to a floor with a Board of Directors and an Executive Committee. What is already clear, is that American and European equity markets will be each represented on the Executive Committee.

Where are you in your negotiations with Borsa Italiana

We presented our project to the Italians at a new meeting last Friday. We are not alone in the running, but we feel have good arguments to assert in a process that appears not to rapidly unwinding. The Select Committee of Borsa Italiana must now return to the different competitors with possible additional requests.

Has the entrance of Borsa Italiana already taken into account in the transaction with the Nyse

Yes governance, but not in the valorisation plan. It would change the contours of the transatlantic operation. The Nyse has a right of consultation on the prices offered in Milan, but this award has not been predetermined.