TEXT OF STORY
JEREMY HOBSON: Now let’s get to the news that’s just breaking regarding the German takeover of the New York Stock Exchange. The parent company of the NYSE has just agreed to the deal.
Let’s bring in our New York Bureau Chief Heidi Moore she’s here with me live with more. Good morning Hiedi.
HIEDI MOORE: Good morning Jeremy.
HOBSON: So bring us up to date. What’s the latest?
MOORE: Well the boards of both have approved this, and they’ve decided they’re going to have dual headquarters, so one in Frankfurt and one here in New York. And it looks like it’s a go. They’ve been talking about it for some time.
HOBSON: There was a lot of brouhaha over the whole idea of having the New York Stock Exchange based not in the United States. People are worried — maybe this shows that the U.S. is loosing some of its financial influence in the world. Is there anything to that?
MOORE: Actually I think it’s really interesting that there hasn’t been more of a nationalist outrage. I mean, Chuck Schumer, who’s the New York senator, only objected that the New York name should come first. And that’s actually a small objection. So I think the biggest question is is it more patriotic to have a stock exchange with their name on it, or is to more patriotic to have a stock exchange that’s a global player with plenty of profits? And I think people are coming down on the profits side right now.
HOBSON: And that’s what they’ll get out of this? This the future — this is a potential future for the New York Stock Exchange to be a real global player.
MOORE: Exactly, it’s a future in futures, so they’ll be able to play in derivatives and more complex products. Right now stocks aren’t very profitable, so they’ll be able to move not only globally, but also into new products that will really make them a force to recon with and the second largest exchange in the world.
HOBSON: All right Marketplace New York Bureau Chief Heidi Moore, thanks so much.
MOORE: Thank you Jeremy.