MichelCastel.com - Mot-clé - mutualisation
2024-03-24T08:27:07+01:00
urn:md5:5e340bb55933e66a43f05d776eddfa2d
Dotclear
Euronext a -t-il (encore) un avenir ?
urn:md5:9a144356337da64e87115b7b73cd5519
2013-11-04T10:09:00+01:00
2013-11-04T10:34:36+01:00
Michel Castel
Réactions à des articles de presse
EURONEXT
Financement des entreprises
mutualisation
transactions de haute fréquence
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<h5 class="MsoNormal"><a hreflang="fr" href="http://lecercle.lesechos.fr/entreprises-marches/finance-marches/bourse/221183483/euronext-a-t-encore-avenir">Le Cercle -Les Echos - le 3/11/2013- article de Hubert de Vauplane </a></h5>
<br /><blockquote><p>Alors que NYSE Euronext et ICE ont annoncé le 1er novembre 2013 le report sine die de leur rapprochement, la question du devenir de la partie "Actions européennes" de l’ensemble NYSE Euronext fait toujours débat. Mais plutôt que de ressortir de plans usés avec certains investisseurs qui avancent à reculons dans le projet d'un noyau dur, ne convient-il pas de changer la manière de penser ?</p>
</blockquote><br /><strong>mon commentaire :</strong><br /><br /><h3>L’auteur aurait pu ajouter en faveur de "son modèle" qu’il ne priverait pas ladite bourse d’une demande d'investisseurs institutionnels et de particuliers pour des placements relativement durables, assurant profondeur et liquidité aux titres cotés. Le développement des transactions de haute fréquence s'est en effet plutôt fait au détriment de la liquidité profonde (celle d'investisseurs) et a renforcé les tendances au court termisme au lieu de consolider les placements.</h3>
<h3> Pour que Euronext infléchisse son business model en ce sens on devrait chercher effectivement à faire émerger un actionnariat peut être pas exclusivement -et même majoritairement dans un premier temps- émanant des émetteurs car ce sont des objectifs inatteignables immédiatement me semble t-il, surtout que cet actionnariat doit avoir une dimension européenne. Mais pour faire masse dès le départ on ferait un grand pas en créant une structure ad hoc qui rassemblerait les droits de vote de tous les émetteurs prêts à faire partie du tour de table. C’est le seul moyen pour qu’ils puissent se faire entendre dès le début dans le pilotage de ladite bourse et puissent consolider durablement ce rapport de force indépendamment des entrées et sorties des émetteurs. Euronext resterait cotée, au moins pour un temps, mais pourrait retrouver en partie un fonctionnement de type coopératif avec moins la recherche du profit que la satisfaction des besoins de financement de marché dont les entreprises moyennes et grandes ont maintenant besoin dans le nouvel environnement financier d’après crise qui réduit toujours plus la place du crédit. Et ce, en le faisant presque à prix coûtant comme cela était le cas avant la démutualisation généralisée des bourses. </h3>
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