Euronext rules out Sarbanes-Oxley burden

News Article - 30 August 2006
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The chief executive of European stock exchange operator Euronext has claimed that Sarbanes-Oxley will not burden firms listed on its exchanges.

Jean Francois Theodore said that the group is to establish a foundation based in the Netherlands to oversee changes to regulations and help protect Euronext-listed companies. The foundation will include an independent board.

The announcement comes as Euronext seeks out a merger with the New York Stock Exchange (NYSE), resisting calls to merge with neighbour exchange Deutsche Borse, the Times reported.

"Our teams are now working actively in close co-operation with the regulatory authorities and the various stakeholders related to the proposed combination with the NYSE", said Mr Theodore.

"This will open the way for the creation of the world's largest global exchange, with Euronext and NYSE as the founding partners."

Profits at the pan-European exchange operator rose 97 per cent in the first six months of 2006, rising to €193.7 million (£131 million).

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