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The Main Aspects Of The Merger Plan Between Nyse Euronext And Deutsche Börse, And The Reason Of The Failure

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The main aspects of the merger plan between Nyse Euronext and Deutsche Börse, and the reason of the failure.

I. Definition of leadership, Presentation of the derivatives market and Analysis of current competition. ARTHUR

The term of leadership defines the ability of an individual to carry out or lead other individuals or organizations in order to achieve certain goals. We then say that a leader is someone who is able to guide, influence and inspire.

A leader stands out a manager or decision maker, which has capacity for administration, without "lead" the group, organization or country to another stage of development. A good manager can be a leader, but the two qualities are not automatically linked. Long associated with politics, leadership is a quality sought in a lot of areas. Thus, we also talk about leadership in the business world, in the culture world, science world or in the field of sport. Public leadership and the private leadership can also be distinguished, the latter being oriented to the companies. A politician is not necessarily a leader, and conversely, many leaders are not politicians.

All the fields covered by the leadership have changed, as the qualities that define it are multiplied. If the leadership, in the past was closely associated with the personality of the leader and especially his charisma, many recent studies suggest a learned ability, based on experience and linked to specific contexts. Among the skills (or attributes) that are found in leaders include: vision, strategy, persuasion, communication, trust and ethics.

Eurex platform of Deutsche Börse and NYSE Liffe, operated by NYSE Euronext, are the two largest stock exchanges in the world for transactions in financial derivatives backed European underlying. They are in direct competition and they represent for each other the main competitor. Derivatives are financial contracts whose value is derived from an underlying asset (eg, interest rates or shares). Companies and financial institutions use it to manage the financial risks. They are also used as instruments for investment by individuals and institutional investors - including pension funds and mutual funds investing on behalf of end users.

Derivatives can be traded on exchanges or over-the-counter. Products traded derivatives are highly liquid contracts, involving relatively small amounts (about 100,000 euros per transaction) and the conditions and legal and economic arrangements are fully normalized. Derivatives traded OTC are, in turn, usually on much larger contracts (about 200 million euros per transaction), the legal and economic conditions and terms are based on needs. The survey showed that derivatives traded on exchanges or over-the-counter are generally not considered interchangeable by customers because they are used for different purposes and in different contexts. In addition, some traders have mandates who do not allow them to intervene in the OTC market for reasons of risk management.

II. Advantages of the Monopoly, Impacts on the market and the consumers. FLORENT

Les deux sociétés ont fait valoir que l'opération de concentration serait bénéfique pour les clients, grâce à une plus grande liquidité. Toutefois, il est peu probable que l’opération envisagée donne directement de tels avantages. Par le passé, c’est la concurrence – et non le renforcement des places boursières – qui a permis d’obtenir des gains de liquidités.

Les sociétés ont en outre avancé que les clients devraient fournir


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