Some people are asking why not confine ourselves to our home countries and serve the real economy, he told the Global Securities Financing conference in Luxembourg on Wednesday.
The answer is quite simple. Many and more and more of our customers are global and therefore exchanges need to be global as well. Nobody can stay cocooned in a local environment while chief customers and main competitors undergo a rapid wave of consolidation.
A source told Reuters on Tuesday that national competition regulators in the European Union have endorsed a recommendation that the EU block a merger of Deutsche Boerse and NYSE Euronext.
A vote by all 27 commissioners, the final stage in the process, is expected on February 1.
We have got approval for this project from many national and international regulators and now wait for Brussels, Francioni said.
He still rallied for the proposed deal, saying a combination of NYSE Euronext with Deutsche Boerse would help bring European and U.S. regulators together and therefore improve global policy coordination.
Whatever the outcome of the final stage of the decision process. Truly international integrated exchange organisations not only stand for cost savings. They also stand for increased market safety and market integrity, he said.
(Reporting by Edward Taylor; Writing by Maria Sheahan)