It is only four months since the introduction of the euro allowed all euroland stocks to be quoted in the new currency - and already stock markets all over the European Union are forging alliances. Former competitors are suddenly firm friends. Even London, which still works in old-fashioned pounds, is an enthusiastic partner. Peace, harmony and profit are breaking out all over.
That was the intended message of last week's announcement that eight leading exchanges had teamed up with the 'long-term objectives' of building a single, pan-European electronic trading platform for blue-chip stocks, with common rules and regulations. Joining the alliance, formed by London and Frankfurt last summer, were Paris, Milan, Amsterdam, Brussels, Madrid and Zurich.
The new members were expected to accept the common access programme and trading hours agreed by the British and German exchanges. Beyond that, the information was vague. The timing of the introduction of the new platform, for instance, was still no clearer than the 'after 2000' laid out in the original London-Frankfurt tie-up. And the apparent lack of progress on issues such as ownership of the platform left too many questions unanswered to generate real confidence.
Yet analysts do expect greater co-operation between European bourses in the longer-term. The market is already forcing them to change their ways.
Paris, for instance, was at first bitterly opposed to the Frankfurt-London alliance. It began shopping around for other partners and concluded a common access agreement with Zurich, which, like London, is outside the eurozone. But as early as last November it had joined the committee of European bourses and started the groundwork which led to last week's announcement.
The reasons for the about-turn are clear enough. In a single economic area, with a single currency, there will, eventually, be no more national markets in the traditional sense.
