Borsa Italiana said on Friday it would start talks with interested bourses on a possible European federation of stock exchanges. The Italian bourse is in talks with pan-European exchange Euronext for a prospective alliance and has received a proposal for talks from Germany's Deutsche Boerse.
The Italian bourse had been expected to choose among the two rival exchanges, but it instead put forward a proposal that could be aimed at both suitors.
The Italian bourse said in a statement the project by its Chief Executive Massimo Capuano would take into account the needs of all participants. It did not specify who they were or give more details on the plan.
"Borsa Italiana firmly believes in the benefits that would stem from the consolidation of euro zone markets with the creation of a federal bourse that could in the future be open to international alliances," it said. Deutsche Boerse declined to comment. Euronext could not be reached for comment.
The last 18 months have seen increasing consolidation among stock exchanges that culminated last month with an agreement between Euronext and the NYSE Group, operator of the New York Stock Exchange, to merge in a $10 billion deal.
Euronext operates the Paris, Amsterdam, Brussels and Lisbon bourses as well as London's Euronext.Liffe derivatives market. It is structured as a federation of bourses.
Several top European officials, including Italian Prime Minister Romano Prodi and French President Jacques Chirac, have said they prefer a pan-European alliance of bourses rather than the transatlantic tie-up with NYSE.
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