纽交所如何打赢跨国联姻保卫战

    此外，证交所也可以尝试将这一问题政治化，同时向各国部长施加压力，迫使他们按照自己的意愿进行投票。据知情人士透露，美国负责欧盟事务的贸易部长已经前往布鲁塞尔，替纽约证交所进行游说。白宫直接出面呼吁也不无可能，而且可能最终改变欧盟委员会部分委员的立场。此外，两家证交所还可以给出理由，即超大型证券交易所可以形成一个更加规范的市场，以应对亚洲监管松散的期货市场不断加强的冲击和影响。

    毋庸置疑，游说工作肯定不会那么轻松。同时，两家证交所还需要防备和应对其强劲对手——大型银行的游说能力。银行控制着资金暗池的影子交易与场外交易，利润丰厚，因此，它们并不想将这块“肥肉”拱手让给接受政府监管的交易所。纽约证交所/德国证交所规模更大的期货平台将为用户带来更大的流动性，使更多的投资者放弃影子银行，转而选择交易所。

    两家证交所可以宣称，给合并投反对票就是在为银行撑腰，从而争取欧盟各国部长中民粹主义者的支持，尤其是在当前，银行业在欧洲已经失宠。证券交易所一直在避免与银行公开发生冲突，因为银行不仅是它们最大的竞争对手，同时也是它们最大的客户，这真是讽刺之极。因此，证券交易所在处理这一问题时必须小心谨慎。

    不过，纽约证交所的一位官员在接受《财富》杂志（Fortune）采访时表示，只要能够使合并获得批准，两家证交所愿意接受银行带来的任何后果。所以，虽然这起合并看起来已经如同拳台上被击倒的拳手，但现在还不是倒数计时的时候。

    译者：阿龙/汪皓

    The company could also try politicizing the issue as a way to pressure ministers into voting its way. The U.S. trade minister to the EU is already on the ground in Brussels lobbying on the NYSE's behalf, according to a person close to the situation. A call from the White House isn't out of the realm of possibility and could go a long way in changing a few minds on the committee. In addition, company officials could also argue that the massive exchange would create a strong regulated market to counter the growing power of the loosely regulated futures markets in Asia.

    To be sure, this lobbying effort won't be a walk in the park. The company will need to fight against the lobbying power of a formidable opponent - the big banks. The banks control the lucrative shadow trading world of dark pools and OTC trades and are not happy about the possibility of losing that business to a regulated exchange. The larger NYSE/ Deutsche Boerse futures platform would offer customers more liquidity, which could draw investors out of the shadows and onto the exchange.

    Calling a vote against the merger a vote for the banks could help the exchanges gain some populist points with the EU ministers, especially given how terribly out of favor the banks are in Europe at this moment. The exchanges have tried to avoid a messy public conflict with the banks because they're not only their biggest competitors but they are also, ironically, their biggest customers. Exchange officials had to be sensitive when dealing with this issue.

    But an official inside the NYSE tells Fortune that the exchanges are now willing to accept any consequences that may come from the banks if it means getting the merger approved. So while this merger looks like it has been knocked out, don't start counting down just yet.