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Deutsche Bank Says Boerse Stake Remains Support Sign (Update1)
By Elena Logutenkova and Richard Weiss
Nov. 17 (Bloomberg) -- Deutsche Bank AG's 1 percent stake in Deutsche Boerse AG remains a signal of support for the operator of the Frankfurt stock exchange, Chief Executive Officer Josef Ackermann said today.
The bank, Germany's biggest, in July bought the stake to express support for Deutsche Boerse's plan to merge with Euronext NV. Deutsche Boerse earlier this week abandoned its bid for Euronext, clearing the way for NYSE Group Inc. to buy the Paris- based exchange and create the first trans-Atlantic stock market.
``It was a signal for the financial market and the world that we stand behind Deutsche Boerse,'' Ackermann said at a banking conference in Frankfurt. ``I think it remains necessary still.''
Ackermann said he remains a supporter of a pan-European exchange.
``It would have been good to have a European solution, and then to think about global solutions from the position of European strength,'' he said today. ``We forget sometimes that the world doesn't differentiate between France, Germany and Italy, but between Asia, America and Europe.''
Seven securities firms including Deutsche Bank, Citigroup Inc. and Goldman Sachs Group Inc. said this week they plan to start their own pan-European equity trading platform next year. The group ``wouldn't go so far'' that the traditional bourses such as London Stock Exchange Group Plc. become unnecessary in the future, Ackermann said