The New York Stock Exchange's proposed merger with a Paris-based company operating four electronic stock exchanges in Europe could be a sign of trouble for the economic engine of the Empire State.
As was pointed out here earlier this year, Wall Street is already in a precarious position.
Now, the Manhattan Institute's Nicole Gelinas writes in Not NYSE for New York that the loser in the merger plan could be the Big Apple's vital banking, insurance and financial industries. Gelinas writes:
Many corporate executives, particularly those heading up-and-coming entrepreneurial companies at home and abroad, now consider the New York market an obsolete place to do business, and they are flocking to exchanges in Europe instead. In 2005, the NYSE and the Nasdaq won only 28 new international listings, a modest 16 percent increase from the year before; by contrast, the two major European exchanges, the London and the Luxembourg Stock Exchanges, won 50 listings between them, more than double their new listings in 2004. The NYSE is reaching across the Atlantic just to stay competitive.