Two weeks after the bell ceremony by Princess Máxima, there’s another golden opportunity for the public relations department of Euronext Amsterdam. The silly pack of protesters of the Occupy movement decided to stay on the Beursplein. For analysis of their (lack of) demands and goals seek elsewhere. These people camping on the Beursplein are one of the best things happened to Euronext this year. It will give strength to the image the heart of the financial world is indeed at Beursplein 5. Suppose Euronext will give them a free lunch tomorrow.

Euronext NYSE/Deutsche Boerse versus TOM

Still pretty unclear how TOM will handle the retail order flow in options. Another issue unsolved are the index options. The AEX index is a registered trademark, and can’t be copied by TOM. Couldn’t find this distinction in the Alex/Binck press release, but I’d say nothing will change for the index options. Trading won’t move to TOM. However, support for TOM from unexpected corner. The EU has 3 main objections to the merger for NYSE and DB, one of which is a “more liberal selling of index licenses”. There it is.

Update on TOM / AEX

The AEX index is a trademark owned by Euronext. However, under the new MIFID II directive, an exchange is no longer allowed to claim an index for trading. In other words, when MIFID II is approved end of 2011 the TOM exchange can capture all retail flow from the AEX Index options too. Being the most heavily traded option class this certainly isn’t a minor detail.

Jack
Jack