This is only a proposal that we present to our partners

For an operator threatened to find themselves in a "corner", the recovery is quite promising. More than a month after his first contacts with Euronext, Borsa Italiana resumed hand intending to play a role in the creation of a "stock exchange federal European" as it was called their wishes by the Italian Minister of economy, Tommaso Padoa-Schioppa, the Governor of the Bank of Italy, Mario Draghi, and President of the ECB, Jean-Claude Trichet.

Without excluding the remedy, even theoretical, in a joint bid with Deutsche Börse on Euronext for a merger of the three operators, the Milan Stock Exchange intends to position itself as the champion of competitiveness arguing a transaction widely cost less than that of its competitors. To strengthen its liquidity, she prepares to rate, from 24 July, ten values index - Euro foreign stars

STOXX 50 on a new market "ad hoc", MTA International, and a quarantine of "blue chips" to the end of October.

"The European Commission studies show that our transaction and market post clearing and settlement, Editor's note rates are five times lower than those of Deutsche Börse and four times less than those of Euronext", said the entourage of the Managing Director of Borsa Italiana, Massimo Capuano. "Reduction of transaction costs will be an essential element in the evaluation of the projects of consolidation of the awards", confirmed the Governor of the Bank of Italy. Clearly, the Milan Stock Exchange has no intention to waive competitive advantages associated with its vertical (in silo) organization model in the current consolidation simply by a jump in a new alliance.

As a "first test", Borsa Italiana decided to exploit the opportunity the European directive of 4 November 2003 on the financial prospectus to negotiate securities quoted on other markets without authorization from the card issuer. From July 24, a dozen companies in the Euro STOXX 50 index (Total, Telefonica, AXA, Deutsche Telekom, ING...) will be trading on the new segment, MTA International, of Borsa Italiana, with the objective to values stars 40 late October.

Project Renaissance ".

Officially, this initiative is not linked to large manoeuvres between European awards. But Milan objective, where few large foreign values negotiated (except BSCH and BBVA), is to strengthen the level of liquidity in arguing its price competitiveness.

Depending on the scenario recently developed the study by Borsa Italiana and christened "rinascimento" (Renaissance) by its banks Mediobanca, Rothschild, McKinsey consulting and the law firm of Chiomenti, the birth of a "European federal scholarship" could go through the creation of a new holding company of European law, controlled by the shareholders of the three current scholarships, which held 100 market shares and more than 50 of the computing platform. On the other hand, the activities of market post would be housed in two sous-holdings where the society of mind would be minority. "This is only a proposal that we present to our partners." "Financial terms and governance problems have not been addressed so far", insists on in Milan. But according to some observers, posing in main proponent of the "federal model", Massimo Capuano already U.S. Jean-François Theodore succession at the head of the Federal stock future European.