iX is a fiX
THE Stock Exchange has brought its shares to market and I think that I shall buy some. Down from £28 to £19 after two days of trading, the price must be telling us some- thing — for instance, that if the people in the business want to sell, they may be right. Even so, I would have the pleasure of vot- ing against the Exchange's proposal to merge with Deutsche Borse and rename itself DC. All that has happened since it saw the light reinforces my first suspicion, which was that this deal is better for the Exchange's directors and, managers than for its owners and customers. This week a drip- feed from its dreary tower encouraged us to believe that, in two years' time, iX would merge with Nasdaq, New York's electronic exchange. Oh, yes? Has anyone asked Nas- daq if it wants to hang around at the church door? Earlier this year the Exchange rebuffed Nasdaq's advances without con- sulting its members or even informing them. I offer this deal's opponents a slogan: iX is a fiX — let's make sure it unstiX.
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