The consolidation of the stock exchanges all over the world has increased their market value, and a country doesn't need several market operators, considers Andre Cappon, the president of the CBM Group, a consulting company specializing in financial services, who attended the "Young Markets" conference in Sibiu, yesterday.
Andre Cappon gave the example of Canada, where, in the 90s, there were stock exchanges in Montreal, Toronto, Calgary and Vancouver, but the entire market only amounted to one tenth of the United States.
Thus, all the spot market operations were moved to Toronto, and the derivatives to Montreal, and in 1999, the two exchanges signed a ten-year non-competition agreement, during which time both operators grew, according to the quoted consultant.
"In 2007, when the agreement was about to expire, Toronto wanted to acquire Montreal, and a huge conflict between the two exchanges broke out", Mr. Cappon said, who went on to say: "No agreement was reached, and later, Toronto decided to develop its own derivatives market. The worth of both markets fell, only to rise again when the two operators realized that the merger would be better for both. Within the same country, a marriage between the exchanges is more beneficial than a war ".
Andre Cappon considers that the futures will belong to the global exchanges, on top of which we will see regional leaders, as well as national players, who will not want to make alliances or mergers.
The message of Andre Cappon fits the situation which exists on the Romanian market, where all the merger attempts between the Bucharest Stock Exchange and Sibex have failed.
Moreover, the two markets entered a direct competition, as the BSE launched its own derivatives market, and Sibex its own spot market, which has however remained underdeveloped, with just two companies listed and insignifican
