德意志交易所洽談併購倫敦證交所

Deutsche Borse is in talks to take over the London Stock Exchange Group, in a megadeal that would create a European champion presiding over many of the world’s leading financial markets.

德意志交易所(Deutsche Borse)正在洽談收購倫敦證交所集團(London Stock Exchange group)，這一規模巨大的交易將締造一家管理全球多個頂尖金融市場的歐洲冠軍企業。

Shares in the 215-year-old institution located in the heart of the City of London rose more than 13 per cent as it confirmed the two groups were discussing what it claimed would be a “merger of equals”.

地處倫敦金融城(City of London)核心位置的倫敦證交所，是一個有215年曆史的機構。在它確認兩家集團在討論其所稱的“對等合併”後，其股價大漲逾13%。

The move echoes previous efforts in the past two decades to fashion the two exchanges into a single entity. Under Xavier Rolet’s leadership during the past six years, the LSE has gone from defensive prey to challenging its counterpart for the crown as Europe’s largest market infrastructure provider by market capitalisation.

此舉再現了過去20年裏將這兩個交易所打造成一個實體的種種努力。過去六年裏在羅睿鐸(Xavier Rolet)的領導下，倫敦證交所集團已從防禦性的被收購目標，轉變爲叫板其對手，爭奪歐洲最大市場基礎設施提供商（按市值計算）的地位。

The talks are likely to attract scrutiny from politicians, regulators and competitors as they come at a time of heated debate in Britain over whether it should leave the EU.

在英國就應不應該脫離歐盟(EU)展開激烈辯論之際，這一磋商可能會引起政界人士、監管機構和競爭對手的密切關注。

Given the intense consolidation of exchanges in recent years, global regulators will also probe the companies over the dominant role they would have in trading and clearing derivatives. The boards believed it would be “an industry-defining combination”, the LSE said.

考慮到最近幾年交易所的密集整合，全球監管機構也會調查兩家企業在衍生品交易和結算方面的霸主地位。倫敦證交所集團表示，兩家企業的董事會相信，這將是“一次界定行業的聯姻”。

The all-share deal would see Deutsche Borse own 54.4 per cent of a combined group and LSE shareholders controlling the remainder.

這宗全股票交易若能完成，德意志交易所將持有合併後集團54.4%的股份，倫敦證交所集團的股東將控制剩餘股份。

For Deutsche Borse, this is just the latest attempt to become a more global force. It first tried to combine with the LSE in 2000. The deal would have ramifications across the Atlantic as it would threaten to marginalise the CME Group, the US’s most influential exchange operator, in Europe.

對德意志交易所來說，這只是其成爲更加全球化的力量的最新努力。該所首次嘗試與倫敦證交所集團合併是在2000年。該交易將在大西洋彼岸產生衝擊波，因爲它可能令美國最有影響力的交易所運營商——芝加哥商品交易所集團(CME Group)在歐洲被邊緣化。