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Thain, 50, has said he wants the newly formed NYSE Group to be a leader in consolidating exchanges around the world.
This, it is argued, reinforces a natural tendency to gravitate to a single exchange, as buyers of securities typically feel that they are likely to get the best price if they can deal with as many sellers as possible and vice versa.The European Commission foresees vast gains from consolidating exchanges within Europe.
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It is not immediately obvious that consolidating competing national exchanges into one will benefit anybody bar the management consultants who advise on it.Yet the answer to the question may still be positive.
The exchanges are consolidating their servers in data warehouses run by companies like Equinix so that the cables between them can be as short as possible and the trade data can travel faster.
Today exchanges are consolidating globally.
Longer term, as markets and exchanges consolidate, such rules should converge on a European-wide benchmark.Rainbow regulationEven such modest initiatives as these, however, are difficult.
The low barriers to entry mean that even as exchanges consolidate, competition doesn't dissipate.
Exchanges, meanwhile, are consolidating and accelerating their shift from floor to electronic trading, leaving them less tied to particular locations.
The announcement of the hiring of San Francisco-based Financial Technology Partners comes as financial exchanges have been consolidating.
The reference to consolidating the liquidity of floor-based exchanges seemed to be an indication of a possible merger.
Every year since 1961, on 27 March, the International Theatre Institute (ITI) has celebrated World Theatre Day – an event intended to promote international exchange, consolidate peace and solidarity, and several other extremely worthy-sounding goals.
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