And all these platforms are based in London

The new woke a place of Paris in the summer torpor. Transatlantic stock exchange works on the construction of its new primary production centre will be located in the suburbs of London. By the end 2010, the main servers of the "cash" European platform of Nyse Euronext will not be France ("Les Echos" of yesterday). The whole of the European orders will be processed Revel, as confirmed yesterday afternoon a company market release. The hexagonal top finance and policy did not fail to respond.

First of them, Jean-Pierre Jouyet, the President the authority of des marchés financiers (AMF), "is would be well spent" of this decision of Nyse Euronext, he gave yesterday "Echos". However, "keep to respond to excess". "The transfer to London computing and a bit of associated maintenance does not mean the death of the financial hub of Paris", has continued the former Secretary of State for European Affairs. "Strategic activities - development and services related to the platform - should stay in Paris," he said. It is true that all these activities will continue to be entrusted to the Parisian teams of NYX Technologies. The move to London will have no significant effect on the jobs directly correlated to the "cash" transatlantic stock exchange platform.

Cut costs

Jean-Pierre Jouyet in no less forget to carefully consider "the consequences in terms of the functioning of the market of Nyse Euronext decision". The Banking Commission will do the same for what is prudential aspects. The pattern of the MFA said understanding the difficult choice of company to market the number one requirement is to cut costs. The application of the directive MIF (markets in financial instruments), which has liberalised the financial services market, November 2007, has particularly benefited alternative platforms, the most dangerous competitors for Nyse Euronext. And all these platforms are based in London.

Same sound of hexagonal Bell at Paris Europlace, promoting the financial body. "We regret this decision." "It is, among other things, the result of the competition today deliver alternative platforms to regulated exchanges and the introduction of the MIF," commented Arnaud de Bresson, his General delegate. "Once listed, awards have become private as other companies. They follow logics of businesses, with necessities of results. "We have asked, however, from the outset, a representation of users in the governance of Nyse Euronext and the maintenance of a federal model ensuring the greater participation of each associated stock," said.

Could the MFA oppose the migration "The role of the regulator is not to substitute itself for the operator", said Jean-Pierre Jouyet, who defeated the recall of the major players of the place, issuers and banks. "It is for them to say what they want to make the Centre of Paris," insists the Chair of the MFA. "The fate of the place is at least as much in the hands of the regulator of banks and issuers", he says.

However, the decision of Nyse Euronext is also the result of the slow exodus to the English capital of the most important Parisian intermediaries. The silence of the transmitters was not likely to contain it. And, somehow, Christine Lagarde was able to appear isolated in its fight to defend the hexagonal financial place. The issue related to the migration of the "cash" to Nyse Euronext platform should generate a broader response. As other folders will provide an opportunity for stakeholders place and their counterparts in other countries of the euro area to try to live a truly European financial market. Among them, that of compensation of credit derivatives expressed in euros, which is certainly a vital interest.