Why you want to SIX to take the Spanish stock BME?
SIX-in-chief Jos Dijsselhof hoped for from the merger of the SIX and of the Madrid stock exchange Bolsas y Mercados Españoles (BME) better opportunities in a competitive competition: “Together we will form a strong European suppliers.” So SIX is supposed to be the third largest stock exchange in Europe. In the market of financial service providers and trading venues Size plays an important role. Only a few weeks ago which caused the failure of the merger plans of the Hong Kong stock exchange with its counterpart in London, the headlines. The providers are trying through mergers, to get more transactions on their infrastructure. Through mergers succeed very quickly. In addition, SIX can offer the existing products also in Spain.

the EU stock exchange, Euronext is interested in BME. The SIX pulls the Shorter one?
Today, the European stock exchange group Euronext has confirmed that it will also lead negotiations with the Spanish BME. The offer is still on the table. For SIX it look still good, says Dijsselhof: “We think that we have a strong offer.” The Swiss and the Spanish financial service provider, would speak long with each other. A good sign for SIX is that the Board of Directors and Management of BME support for the offer from Switzerland. It is unclear whether the price for the BME is increasing by the second offer. Dijsselhof does not comment as to whether the offer for BME increases, if it would be in the acquisition of poker is necessary.

how has the Swiss stock exchange the money?
The Swiss stock exchange has a lot of capital. SIX sold in the last year your payment business SIX Payment Services to the French Worldline group. This has brought in money. In addition, she has received a single share. A portion of this investment wants to sell it and so 500 million euros are taking, it could also absorb foreign capital. Until then, Credit Suisse will Finance the purchase.

Can bypass the Swiss stock exchange by means of buying in Madrid, the EU-punishment?
The Swiss stock exchange was in the negotiations between Switzerland and the EU on a framework agreement for the pledge. Because Switzerland has not relented in the negotiations, denied the EU the Swiss stock exchange, the equality with EU trading venues. A contingency plan of the Federal Council protects since the end of the exchange equivalence of the trading venue. Swiss shares may only be traded in Switzerland.

“The Acquisition has nothing to do with the stock market equivalence.”Jos Dijsselhof, SIX-in-chief

The Deal with the Spanish court could, therefore, be an attempt to operate with a foothold in the EU, the local dealer again: “The Acquisition has nothing to do with the exchange of equivalence,” says Dijsselhof. Swiss stocks would continue to be traded on the local platform. Switzerland and the EU would need to agree on a political level, on SIX have no influence, so Dijsselhof. The emergency plan of the Federal Council is functioning well, even if a free market would be better.

Be dismissed due to the Acquisition staff?
According to analysts, BME has in comparison to other trading venues to high costs. However, the employees in Spain have apparently have no fear of a savings program. “For us, it’s new revenue, not cost cuts,” says Dijsselhof. According to the Spanish stock exchange SIX commits, all locations in Spain for at least four years to continue to operate. In addition, the Spaniards are expected to take in the new structure of the most important Posts.

Addiction SIX other stock exchanges?
Although market observers expect that more mergers are to come in the trading centres. SIX seems to want to currently, but no other companies to buy. Jos Dijsselhof: “We always have our eyes open, but there is currently no other goals.”

Created: 18.11.2019, 14:34 PM