from: http://www.aci.net/kalliste/ Click Here: <A HREF="http://www.aci.net/kalliste/">The Home Page of J. Orlin Grabbe</A> ----- Digital Society British Stock Shares to Be Listed in Euros Another insult to the pound and Her Majesty. BRITAIN'S largest companies could be forced to list their shares in euros rather than sterling following a merger of the London and Frankfurt stock exchanges which is due to be announced today. The plan would be a massive blow for those campaigning to keep the pound and was attacked last night as a German-led attempt to "introduce the euro by the back door". The euro fell to new lows against the pound and dollar again yesterday and is worth 20 per cent less than it was when it was launched 17 months ago. Such exchange risks could become a fact of life for British investors buying shares in companies such as Marks & Spencer, British Telecom and Barclays Bank unless Britain joins the single currency. If the merger goes through, it is also likely to force leading companies to record their entire financial accounts in euros - adding further momentum to the campaign for British entry. The change is expected to introduce significant extra costs for both businesses and investors, particularly the millions of smaller shareholders who do not usually invest in foreign currencies. Nevertheless, the London exchange is believed to be pressing ahead with plans for a full merger with its German rival which aims to encourage all large European companies to quote their primary share listing in euros. The board of Frankfurt's Deutsche B�rse met last Friday to agree the terms of the 50:50 merger and their 14 counterparts in London were expected to rubber-stamp the deal in a meeting last night. The London board includes the Stock Exchange chief executive Gavin Casey and leading City figures such as the HSBC chairman Sir John Bond and Merrill Lynch's European chairman Michael Marks. The Stock Exchange would not comment on the terms of the merger until a press conference this morning, and is expected to introduce the measure gradually. It appears that the top 350 European companies listed on the new joint exchange will be expected to have their primary listing in euros to minimise the exchange risk for institutions wishing to trade in both markets. This would encompass all the FTSE 100 constituents and possibly dozens of second-tier companies such as Scottish & Newcastle and PowerGen. News of the merger terms caused anger among anti-euro campaigners last night and could cause a wider backlash. A spokesman for Business for Sterling said: "There is very serious concern in the City about the terms of this proposed deal. Many of Britain's biggest companies oppose listing in euros and this deal will hit small shareholders. It looks like a lot of expensive bureaucracy and paperwork for little real gain." The merger has been attacked as unattractive from a British point of view since it gives an equal footing to the smaller Frankfurt exchange. The market for established "blue-chip" companies from both exchanges will be based in London while Frankfurt will host a market for newer, high-tech companies. Last night it emerged that America's Nasdaq exchange will take a shareholding in this Frankfurt-based high-tech market, which could undermine earlier commitments to run its European operations from London. Mr Casey is expected to step down in favour of Deutsche B�rse's chief executive Werner Seifert, but should receive the bulk of a rumoured �8 million worth of management share options following the demutualisation of the London Exchange. Don Cruickshank, the former telecoms and banking regulator, will become chairman of the new group, which will be based in London. The London Telegraph, May 3, 2000 ----- Aloha, He'Ping, Om, Shalom, Salaam. Em Hotep, Peace Be, All My Relations. 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