Euronext Liffe CEO rejects plan to ditch Liffe Connect
Euronext Liffe CEO Hugh Freedberg last week attacked plans
by Deutsche Börse to drop the Liffe Connect electronic
trading platform if its merger offer for Euronext is
He also reasserted Euronext's preference for a merger with
New York Stock Exchange (NYSE) as a means of avoiding a
monopolistic, vertically integrated European behemoth that he
argued would inevitably run into trouble with competition
Comparing Liffe Connect favourably with the platform used by
Deutsche Börse's derivatives exchange, Eurex, Freedberg
told FO Week, "It's not a very good idea because Eurex's
platform is old and out of date?. Why would you want to take a
state of the art, up-to-date platform and dump it in favour of
one that isn't?
"The fact that it is prepared to dump a superior platform
reinforces our view that the Deutsche Börse proposal
doesn't make sense and is inferior to that of NYSE." He added
that Liffe Connect was designed to handle STIR trading and also
proved its ability on bond contracts through its licence to
provide Chicago Board of Trade's system. STIR contracts, he
added, required a more complex and flexible system.
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