The FSA should not resist takeover of the London Stock Exchange

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Europe’s bourses feature almost daily in lead articles in the media these days, which is
probably excessive given their relatively small size in terms of revenue. If it is not about
alliances or takeovers, the coverage concerns their responses to the challenges raised by
the recently adopted Markets in Financial Instruments Directive (MiFID) or other forms of
ongoing market liberalisation. It should come as no surprise that, in a business where scale
matters, responses go beyond European boundaries, and after Euronext, the London Stock
Exchange (LSE) may also become a transatlantic exchange. This is a logical evolution given
the strategic choice the LSE made some years ago to focus on its core business, i.e. trading.

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