Euronext and Luxembourg Stock Exchange form European Economic Interest Group
22 May 2007 | 1408 views | 0
Source: Euronext and Luxembourg Stock Exchange
As part of the partnership agreement between Euronext N.V., a subsidiary of NYSE Euronext, and the Luxembourg Stock Exchange, the two partners announced the creation of a European Economic Interest Group (EEIG) on 21 May 2007. The new EEIG will be based in Luxembourg.
EEIGs were instituted by a European regulation dated 25 July 1985, and are aimed at facilitating or developing the economic operations of their members by pooling resources, activities or skills. This achieves better results than each member acting alone. Because of these features, Euronext N.V. and the Luxembourg Stock Exchange considered an EEIG to be an excellent vehicle for the projects their partnership was set up to achieve, the first being the migration of the Luxembourg Exchange to the NSC trading platform on 2 May 2007.
This shift to NSC is the first stage in the technology-exchange programme planned under the partnership agreement. Once the technical framework is in place, the partners will be able to make use of the full range of options offered by the new EEIG to promote LuxNext, their shared brand, to capital markets and expand operations in corporate bonds, market listings, trading, and sale of market data.
The management teams of Euronext N.V. and the Luxembourg Stock Exchange welcome the creation of the EEIG, which represents a key step in the implementation of the two market operators' partnership.