Professor Dr. Peter Gómez was at the Instituto de Empresa Business School to talk about turbulent times in stock markets on October 15, 2007. The speech was attended by Finance Club members and finance enthusiasts alike.
Prof. Gómez went from the macro to micro scenario, first discussing the current situation with the NYSE/Euronext merging, and then focusing on the Dubai Stock Exchange; and their ambition to have a stake in the LSE. He also mentioned turquoise, which will be an exchanged formed by the leading investment banks, etc. Spending very little time on the pros of the consolidations, he focused primarily on the negative points; something which no one has done as of yet.
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After about 10-15 minutes, he moved on to talk about the strategy followed by the Swiss stock exchange .
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«15% of the Swiss economy depends on the financial sector employing 200,000 people, contributing 16% of the total tax collection towards the state» said Prof Gómez. However the global competition and the consolidation spree have forced the rankings of the Swiss Exchange down from 2nd in the 80’s to 6th currently.
At this point in time we were left flummoxed as to why wouldn`t the Swiss Exchange merge with another biggie to improve its stature in the market? The answer came when Prof. Gómez mentioned the fact that they want to focus on domestic markets and have merged with the German derivatives market for exactly that reason. He mentioned that the stock exchanges merging would not reach a sustained growth rate. Initially the growth would be aggressive, however, it would reach a point in time where problems such as no further synergies would surface, and growth would stagnate. «SWX’s core mandate consists in the strengthening of the Swiss financial centre by providing internationally competitive exchange services and maintaining regulatory authority for Swiss securities«, mentioned Prof. Gómez towards the end.
Comments from the Club coordinators and event organizers:
Samarth Sheth: «Prof. Gomez was the first person in my opinion who actually brought out the negative aspects of the merging stock exchanges. With his brief presentation we got to know of the flip side of the coin
Miroslav Toshkin: «Prof. Gomez presented a thorough and well-thought concept about the future objectives of the Swiss Stock Exchange in the context of the turbulences of the finance sector. We had a unique opportunity to question one of today’s stock markets strategist«.


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