In fact the terms of debate were not well posed

When the Minister of economy said that the buyback by the Nyse Euronext is, in fine, the only intention of the shareholders, he shows that he has no political vision for tomorrow award.

However, the nature of the company Euronext and its role on the markets assume, on the part of the public authorities, a clear apprehension of the issues of such a transaction. The reconciliation between the French stock exchange and the American Stock Exchange will have a significant impact on the architecture of the stock markets and will provide, for the first time in the history of financial law, the possibility of a global financial regulation.

Indeed, Euronext has a unique normative role in the matter; This is not one business like any other. Euronext is a commercial corporation appointing a special mission: ensure smooth transactions on regulated markets in accordance with the principles of transparency and equal treatment of investors; ensure, through its subsidiary Euroclear, as the delivery regulation titles is insured property and compensation between transactions takes place according to the requirements of transparency and ethics (Clearstream is supposed to do for the Frankfurt Stock Exchange). Euronext is also involved in the fight against market abuse and protects lay investor against abusive practices of professional investors, in so doing, it plays a key role in respect of public order in financial markets. Moreover, the ancestors of Euronext were Exchange officers organized an appointing regulated profession within, the image of the notaries, a mission of public service. It remains today something: Euronext has, by legislative delegation, prerogatives of public power: the power to take individual decisions such as the refusal of admission of financial instruments to the negotiations on a market regulated the suspension or the cancellation of the rating of a financial instrument. Finally, Euronext is developing an internal regulation, covered by the MFA, which it ensures respect for its members. Its powers are therefore significant. The redemption of a partnership by the New York Stock Exchange will have a significant impact on law and practices of actors and it cannot take place without that not are made political requirements which go in the direction of strengthening good practices and improvement of governance.

When the Nyse will hold the majority of the titles of the Euronext company, despite the intentions declared on the balance of power and the preservation of the jurisdiction of the MFA, there is no doubt that, gradually, strategic decisions will be taken by the majority shareholder. The internal rules issued by Euronext-Nyse will not, in the term, remain unchanged. Gradually, it will be subject to American influence. Outlook is frightening. Thus, the acolytes of an agreement with the German Stock Exchange opposite model of Rhine capitalism to capitalism Anglo-Saxon. In the majority opinion is divided. The President of the Republic is favourable to the German solution when the general rapporteur of the commission of the Senate Finance prefers the American solution.

In fact, the terms of debate were not well posed. The question is elsewhere. No one wondered about the next point: what is the best normative model for financial markets The American standard, since the Sarbanes-Oxley Act, has hardened its transparency constraints of sanction of abuses committed by the leaders, lack of ethics; It disturbs the speculators. The standard European, and especially French, more flexible than it seems, more protective of the leaders of which the liability is almost never reassures. Between these two models, it is not certain that ours is the best, it is therefore important to consider this alternative. Moreover, no proposal, no track of international cooperation has been made with regard to the future of non-regulated markets. The directive on markets in financial instruments signed the end of the Fellowship, and regulated markets, thus reducing the role of Euronext. This movement, which is the beautiful part in the development of the platforms of internalization, does not promote transparency, respect for the ethics or the equal treatment of investors.

Before embarking on a plea vibrating for or against by the Nyse Euronext buyback project, should determine the guidelines of our policy in this area. The approximation of the two scholarships must be considered in a clear political perspective which gives French and American regulators a road map for a single market regulations: more transparency, the strengthening of the fight against tax havens, the individual investor protection, the introduction of social, ethical and environmental criteria in the management of investment funds. In the current state, no political will was expressed, financial markets will continue to grow without limits, without brake, from our fellow citizens who have the diffuse feeling of being excluded and to also be the first victims.