February 10th, 2011
01:12 AM GMT
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New York (CNN) - The floor of the New York Stock Exchange is one of the most recognizable places in the world. It has appeared in countless movies. A host of international networks broadcast live from the exchange every day.

If you watch our air at all you know that well.The thing you don’t see – there isn’t anyone there anymore. Well hardly anyone. The busy bustling floor that I used to go to back in 2001 with papers flying everywhere and traders shouting orders has morphed into a ghostly, tidy scene with only a scattering of traders, eyes glued to their computer screens.

What happened? Technology.

Electronic platforms and high frequency trading has taken a major bite out of exchange volume. Ten years ago, the NYSE and Nasdaq accounted for 80% of trading volume, according to Business Insider. That has now dropped to less than 27% - almost three quarters of all stock trade have migrated somewhere else.

Against that backdrop NYSE Euronext is in advanced talks to be acquired by Deutsche Borse. That is right…acquired. Deutsche Borse shareholders would be majority owners and the new entity will be incorporated in the Netherlands. That is an important factor and it is not clear how that will sit with regulators in Washington who will need to sign off on any merger.

And the NYSE is not alone. The London Stock Exchange, notorious for turning down many suitors over the years, announced it will join forces with the Toronto Stock Exchange.

LSE management emphasized the exposure to energy and commodity listings. In the case of NYSE-Euronext and Deutsche Borse a potential deal would create a power player in options and derivatives markets. Both exchanges are scrambling to try and follow the money trail.

Consolidation among exchanges has been happening for a couple of years, but with these two big deals the financial universe just got a lot smaller. Is it a good thing for investors?It depends who you ask.

Management at the exchanges would say yes. Greater global access and healthy public exchanges are critical for well functioning markets. Others, including some traders on the floor, worry about the continuing rise of computer trade. Consolidation may slow the shift, but it won’t stop it. They say without humans involved things can go terribly wrong, as we’ve seen in the flash crash.

soundoff (13 Responses)
  1. test

    Germans in Talks to Buy New York's Big Board. Not the Netherlands. I've omitted my other thoughts on this typo, in consideration of a non-critical non-rude movement for discussion online.

    February 10, 2011 at 10:53 am |
  2. jack loach

    Update . FEB 11 th 2011

    Nov.23 – - -Nov.26 th. 2010.
    The following sent to – - – - 312- – Lords – - – - – - House of Lords. ( Inc. Lord Myners.)
    The following sent to – - – - 649 – - M.P.'s – - – - – House of Commons.


    Pictet & Cie Bank.

    Ivan Pictet.
    Charles Pictet.
    Nicolas Pictet.
    Jacques de Saussure.
    Jean – Francois Demole.
    Renaud de Planta.
    Philippe Bertherat..

    Pictet & Cie.- claim they are the “Rolls Royce”of Swiss banks.

    Swiss Banks or more correctly Swizz banks.

    Swizz. -- “ a great disappointment.” or a “ fraud.”

    Fraud. -“ an intentional deception or dishonesty.”— “a crime.”

    Crime. -“ an act committed or omitted in violation of a law.”

    Serious Crimes .
    Conspiring to pervert the Course of Justice.
    Perverting the Course of Justice.
    Contempt of Court.

    Pictet & Cie Bank –Partners –(1996—2011)-guilty.
    Peters &Peters – Partners.— (1999-2011)- guilty.

    The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement to the Police.
    Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael –and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.

    British Parliament. Hansard .29th March 2007.
    Barry Sheerman .M.P.—quote.

    ---“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie – - a French Bank – - and Pictet Asset Management to back the fraud being perpetrated.””

    (1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.)

    (2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted .

    (3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .

    (4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. ( Monty Raphael).

    (5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation .

    (6) It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention.

    (7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A.

    In the F.S.A. cover up , they concluded that there had been “ Rogue” elements in Pictet & Cie’s , London operations . They had been moved from their London Office so who was there left to prosecute. “ Unbelievable.”

    On Dec 9th,2008. the complaint was sent to 150 Members of the House Of Lords and 230 Members of Parliament.

    *** We thank –David Cameron. M.P. ( Canary Wharf Speech.) Dec. 15th. 2008.

    (1) Bankers who behave irresponsibly should face professional consequences.
    (2) If anyone is found to have behaved criminally they must be prosecuted.
    (3) The F.S.A and the Serious Fraud Office should be following up every lead,
    investigating every suspect transaction .
    (4) We need to make it 100% clear –those who break the law should face
    (5) That we make sure we root out any wrongdoing that may have happened, whoever
    is involved, however high or well connected they may be.

    Ivan Pictet.
    Managing partner in Pictet & Cie Bank . - retiring -?. 2010.
    President of the Geneva Financial Centre. -stepping down -2010. ?
    World Bank.committee member.-- ?
    United Nations. Investment Committee member,
    Vice President – Global Humanitarian Forum. - redundant.2010.?
    Member of the Henokiens.
    Blackstone Group - Board Member.
    Past- President – Geneva Private Bankers association.
    Past –President – Geneva Chamber of Commerce and Industry.

    Monty Raphael. ( Peters & Peters.)
    Quote.” -- Doyen of U.K. Fraud lawyers.
    Head of Fraud and Regulatory Dept. -- stepping down, –2009.? Director of the Fraud Advisory panel.
    Member of the Law Society of England & Wales.
    International Bar Association Member.

    Written Parliamentary Questions received by the table office ..

    (1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.

    (2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.

    On Dec 9th,2008. the complaint was sent to 150 Members of the House Of Lords and 230 Members of Parliament.
    On Aug 19th.2009.another complainants file regarding the “cover up” was forwarded to the same 380 members.

    We started our campaign in June 2008 - via the “net” to highlight our fight to get “justice”. In our second year campaign we hoped to reveal further damning evidence . Due to there being an on going Police investigation into our complaint we are at this moment unable to place dozens of documents on to the “net”. Again we thank other “ E- Mailers” for their information in relation to our campaign.

    Quote. ( America’s Top Lawyer .)
    You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.

    Truth Hurts.
    Ivan Pictet. Announces stepping down from Pictet & Cie. 5th Feb 2010.
    Stepping Down—President of Geneva Financial centre.—2010.
    Monty Raphael. Steps down as head . May. 2009.

    *** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.

    *** Were currently waiting to see if the Police and other Law Enforcement Bodies attempt to cover this case up like their F.S.A. counterparts. If they do –“ then watch this space.”

    We were informed that due to pressure from our M.P. that the Ministry of Justice have asked Lord Myners to investigate our claims that the F.S.A. covered up the illegal activities of Pictet Asset Management. London. It has been noted that the book launch
    for PICTET was held at Lord Myners Belgravia home.We might as well have asked Ivan Pictet to investigate our complaint.-or someone from FRIENDS RE-UNITED.
    Lady Myners on Prix PICTET advisory board.

    The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

    Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”

    *** Started campaign - June 6th.2008.
    2 .5 years -- approx 2 .5 million e-mails – - – but still no writs, injunctions or threats of litigation – – - WHY – - – because it is all true.

    *** . The bigger they are - the harder they fall.!!!

    In America -- they would have all been in prison for the last seven years.

    Nov.23rd –Nov.26th. 2010 .

    The above sent to -- 312 – - Lords – - – House of Lords.( Inc. Lord Myners.)
    The above sent to - –649 – - M.P.'s – - – House of Commons._

    Full Story.

    Go to search box on “Google” and insert ( Peters & Peters/ Pictet & Cie.)

    or go to " Google " and insert any of the following combinations.

    Insert– ( Jacques de Saussure/ Monty Raphael.)
    Insert– ( Ivan Pictet / Monty Raphael.)
    Insert– ( Pictet & Cie /Monty Raphael.)
    Insert– ( Charles Flint. Q.C./ Monty Raphael.)
    Insert– ( Nicholas Campiche / Susan Broadhead.)
    Insert– ( F.S.A. / Monty Raphael.)
    Insert –( F.S.A. / Pictet & Cie.)
    Insert –( Hansard /Ivan Pictet.)

    February 12, 2011 at 12:00 am |
  3. Oladipo Akinyemi Omole

    Maggie darling,
    I must acknowledge that mergers generally are positive and are borne out of the desire of at least two thriving firms to maximize the potentials of a synergy of the two.A merger of two busy and thriving stock exchanges shouldn't be different.Traders shouldn't harbor any misgivings about the development especially as it tends to facilitate their transactions.It's indisputable that technology has made things generally easier.Greater global access and healthy public exchanges are quite critical success factors like you've rightly pointed out and these make any real or imagined disadvantages quite negligible.It's quite a positive development given the tendency so far.

    The Representation Dichotomy
    As I was reading Robyn Curnow's piece on meetings and conferences and some of the quite substantial frustration some have encountered with regard to their potency,I concluded inevitably that they're better suited and more effective for corporate purposes or governance to be precise.In matters concerning corporate citizenship and citizenship generally,meetings and conferences have proven to be quite ineffective and futile in getting governments to address issues of uttermost importance especially in the sluggishly developing economies of Africa.They've amounted to unnecessary rituals to say the least.
    In the 19th century things were much easier as corporate interests and issues of domicile were accommodated in legislative councils which also had representatives of the local authorities including traditional rulers and other vested interests.The councils were truly representative.Proportional representation was found to be burdensome and inexpedient as it didn't address the broad interests of society generally.Quite recently in Iraq of Sadam Hussein's regime, it made it easier for a bunch of fascists in the Baath Party to commit something akin to the worst atrocities in recent times largely,because the Sunni Arabs in Iraq then, which made-up the party were more numerous.Much earlier in time , the same proclivity played itself out in Nazi Germany, but unfortunately these experiences have not really compelled nation-states in Africa and other developing ones to pragmatically consider a truly representative government so to speak.At best, foreign corporate and domiciliary interests in these countries are treated largely through chambers of commerce and the different national embassies.It would serve a better purpose if legislatures in these countries can accommodate these legitimate interests by allowing representatives of these foreign interests to participate in the legislative process.This is only fair as they have a legitimate reason to participate in any lawmaking process that will affect their interests.Essentially, foreign corporate interests should be effectively represented in any legislature in the aforementioned territories given their substantial investments and assets in these countries.This would definitely put an end to the atrocities that have been committed by rogue governments against foreign interests under the smokescreen of what some in these territories have wrongly described as a "conflict of laws". A diligent scrutiny of this dubious concept would reveal that any body of "laws" or "policies" that cannot be justified under a broad,widely tested and generally acceptable body of laws properly so defined cannot be recognized as the law and must be challenged and rejected ultimately..............

    P.S: Maggie darling,I must say I've really missed this rare opportunity to reach you like I'm doing right now and I must commend the new design you guys at Business 360 have adopted.It's quite polished and neater.
    Oladipo Akinyemi Omole

    February 12, 2011 at 12:35 am |
  4. Jack loach

    *** Were currently waiting to see if the West Yorkshire Police :-
    (1) Chief Constable -- Sir Norman Bettison.
    (2) Forces Solicitor -- Mike Percival.
    (3) Head of Economic Crimes Unit.- Det. Chief Inspector Steven Taylor.

    – continue to attempt to cover this case up like their F.S.A. Counterparts.
    If they do “ watch this space”)

    We have recently been informed that due to pressure from our M.P. that the Ministry of Justice have asked Lord Myners to investigate our claims that the F.S.A. covered up the illegal activities of Pictet Asset Management. London. They might as well have asked Ivan Pictet to investigate .or Friends Reunited.
    Lady Myners on Prix Pictet board.

    The consensus of opinion is the Pictet & Cie should be prosecuted , and that their banking licence’s should be taken away in the U.K. ( and fined.)
    Their solicitors at Peters & Peters - struck off and prosecuted..
    In America they would have all been in prison for the last seven years.


    We note that Det Chief Inspector Steven Taylor has been removed as Head of the Economic Crime Unit and demoted to Det. Inspector. ( One down two to go.)

    A file of some 339 pages including scores of documentation has been forwarded to the following - Aug 4-6th .2011.

    640 - Members of Parliament.
    460 - Members of the House of Lords.
    Ministry of Justice.
    F.S.A. – Financial Services Authority.
    Serious Fraud Office,
    Peters & Peters .London. - Solicitors.
    Pictet & Cie Bank - London & Geneva.
    West Yorkshire Police Authority.
    I.P.C.C.- Independent Police Complaints Commission.
    C.C.R.C. - Criminal Cases Review Commission.
    Swiss Ambassador London.

    September 1, 2011 at 11:10 pm |
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  7. jack loach

    The Criminal Super Class.

    Over approximately five years of hitting the internet with a case that involves criminality by a major Swiss Bank , Britain's most prominent fraud lawyer and a regional police force headed by one of Britains top policeman. ( Surely justice should prevail.)

    In fact the complete opposite even though the offences committed are very serious.

    Conspiring to Pervert the Course of Justice.
    Perverting the Course of Justice.
    Contempt of Court.------ plus a dozen or so smaller offences.

    In the five years some 6-7million e-mails have been forwarded to all Members of Parliaments in Britain and Switzerland, every barrister and chambers in Europe .
    Every law inforcement body in both countries , and America. Even raised in Parliament twice.

    The banking fraternity ( somewhat Freemason-ish) fully aware of this case still decide to give the Private Banker of the Year Award to Ivan Pictet - Pictet & Cie Bank. ( Him being the person most responsible for the crimes committed by him and his bank partners. )

    The legal fraternity ( very Freemason -ish ) decide that Monty Raphael of Peters & Peters . London become an honourable Queens Counsellor and to rub the salt in six months later made a Master of the Bench. He also was guilty of all the above offences but so what. At this rate he might become King by the end of the year.

    The police ( West Yorkshire Police.) headed by Sir Norman Bettison has not improved as a force on fighting crime. They are now worse than the days of the Yorkshire Ripper , when they had him in custody nine times and let him go. If it hadn't been for the South Yorkshire Police force catching the Ripper he would have still been at large to day .

    Then they wonder why the man in the street becomes angry and decides to riot.
    All we can do is to continue pressing for justice and up the pressure on the internet
    for the next five years and beyond.

    April 3, 2012 at 7:37 pm |
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