Over time the excess will correct themselves

American financial, Felix Rohatyn knows Europe to have been for almost four years Ambassador of the United States in France. He sees today in marriage with the New York Stock Exchange Euronext whether to register in a process of globalization.

How the former Governor of the New York Stock Exchange that you are analysis Reconciliation Bill Nyse-Euronext

For me, the merger of Euronext with the Nyse creates a much more comprehensive institution in its nature as a reconciliation with Deutsche Börse, which is regional. The financial markets today and even more tomorrow, ask the most global possible counterparties. With globalization and the arrival on the scene of China or the India, the demand for large financial services will increase. Look at raising capital which conducted very recently Bank of China. For Nyse and Euronext, a merge is the way to increase their attractiveness and better compete with London.

Can we truly speak of a marriage between equals

You know, equal relationships, it is rare and difficult in all relationships. More seriously, I believe that a marriage between Euronext and Deutsche Börse would make Frankfurt financial capital of Europe in preference to Paris. With respect to the allocation of positions in management structures, is to shareholders of the two groups to decide if it is satisfactory and if the scheme will work.

For you, is the agreement with the Nyse the only chance for Paris to exist in this globalised world

In allying with the Nyse, Paris would become the financial capital of Europe in the largest world financial organization. An organization that will be more contribution with increasing technology requirements. And then, a merger between the New York Stock Exchange and Euronext could not be a first. Nothing says today that Deutsche Börse will join not the new together later. It is an architecture open to all, while the Deutsche Börse proposal appears more closed and most exclusive, which is not necessarily the best formula.

In other words, Deutsche Börse should review its copy

I do not find the details of the respective offers but more consequences. It companies to market to decide what is economically good for them. I still think that a merger between Paris and Frankfurt meeting limits that do not exist in the case of a rapprochement with the Nyse. Beyond financial issues, a transatlantic merger would further strengthen the French-American relations, which are already much improved in recent months. This is certainly not a reason for the two partners to seal this transaction but, from my point of view of former diplomat, I find this attractive prospect.

How do you consider the attitude of Jacques Chirac, which significantly marked his preference for a European approach

From his point of view, Jacques Chirac made a statement quite logical and asked. There is nothing debatable. It is just a matter of opinion.

By contrast, would a counteroffer of Deutsche Börse be bad news for the French-American relations

If it can clearly compare the value of the tender and leave it to the shareholders, directors and regulators to decide, the operation will be entirely accepted. If, however, the record speeds hostile to the United States, may leave some trace. But I do not think that this will happen.

For the Nyse, is the way to get around a strong binding Sarbanes-Oxley Act...

The federal structure of Euronext will be preserved after the merger. And it appears that the parties themselves is actually made agreement to avoid some of the problems posed by the Sarbanes-Oxley Act to foreign companies. This Act is quite controversial in the United States but, after Enron, WorldCom and scandals that we have deplored, it was politically necessary to fix the system. Was it surréagi Many believe, but it was impossible to stay without doing anything. Over time, the excess will correct themselves.

What perspective do you wear on the activism of the "hedge funds" in this case

It is necessary to establish a true dialogue on the question of the right to vote. In France, there is double voting for long-term shareholders. We, the Delaware Act establishes the principle: one share, one vote. With speculation, with the arbitration, be based on the value of the title tomorrow is perhaps not the best way to judge a transaction in the long term.

Globalization makes even more difficult the question of the length of ownership. This subject should be discussed in the light of the responsibilities of administrators and their relationship with shareholders with regard to the control of the company. I remain a convinced capitalist. My suggestions are to make our capitalism more equitable and less hard to encourage those who feel excluded to participate.

Should rate market companies

We arrived at a point such that it is even more questionable but need to ensure a permanent capital, a certain structure and a clearly visible and transparent regulatory.