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Ladies and Gentlemen: First, I wish you a pleasant morning and an inspiring day. From what I have seen, productive dialogue seems to be taking place everywhere.
I am pleased to be able to speak to you today. In my talk, I would like to address three aspects of competitiveness of exchange operators in the context of the current regulatory debate:
- Firstly, the indisputable advantages the planned merger between Deutsche Börse and NYSE Euronext will have for our city as a financial center;
- Secondly, the advantages for all other stakeholders; and
- Thirdly, the consequences for competition on the derivatives market.
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