Treasury Secretary Timothy Geithner said New York will remain at the center of the global financial system long after the planned purchase of the New York Stock Exchange’s parent company by Deutsche Boerse AG.
Geithner, speaking to the Senate Finance Committee, said today the NYSE is “in some ways the world’s iconic stock exchange.” He was responding to Senator Charles Schumer, a New York Democrat, who said a combined exchange should list the NYSE name first.
“I don’t make that judgment ultimately,” Geithner said when asked by Schumer if he agreed. Geithner said he thinks the enlarged company will “decide as you suggested.” New York “will remain at the center” of the global financial system for “a long time to come,” he said.
Deutsche Boerse agreed to buy NYSE Euronext this month in a $9.53 billion all-stock deal that would create the largest owner of equities and derivatives markets. NYSE Euronext is the parent company of the New York Stock Exchange.
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