On the 12 November, 2007, nearly 60 INSEAD and Wharton alumni and guests had the opportunity to hear Jean-François Théodore, Deputy Chief Executive Officer and Director, NYSE Euronext speak about his views and predictions on 'the logic behind the movement
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of consolidating the world's stock exchanges.' This INSEAD-Wharton Alliance Executive Dinner was held at the Cercle de l’Union Interalliée, in the 8th arrondissement in Paris.
Our thanks go out to Jean-Philippe Grosmaitre INSEAD MBA'99J, President of the INSEAD National Alumni Association France and Franck Noiret WG'95, President of the Wharton Club de Paris and their committee members for the impeccable organisation of this joint event. Elisabetta Scanferla-Schmitt, INSEAD Development Director, France and Belgium and Amanda Morris, INSEAD Alumni Communications Manager were also present.
LtoR: Franck Noiret, Jean-François Théodore,
Jean-Philippe Grosmaitre |
Jean-François Théodore was honoured earlier this year as he received the first INSEAD Transcultural Leadership Award with John Thain, Chief Executive Officer and Director, NYSE Euronext, for global business excellence.
INSEAD created the Transcultural Leadership Award in March, 2007 to recognise individuals who demonstrate outstanding achievements in the field of multicultural management and internationalisation of business. |
The Alliance Executive Dinner:
Alumni and guests were greeted with a cocktail reception, giving them the opportunity to meet one another in the beautiful dining room, 'Salon Foch', at the Cercle de l'Union. Once everyone had arrived and taken their seats for dinner, Franck Noiret gave a short speech welcoming alumni and guests, and describing the history of the INSEAD-Wharton Alliance. Franck also invited attendees to note in their diaries the date of the next Alliance Executive Dinner, the 30 January, 2008. He then invited Jean-Philippe Grosmaitre to speak.
Jean-Philippe thanked alumni and guests for their attendance and also spoke about the history of the Alliance from its beginnings in 2001. He highlighted some of the opportunities the Alliance offers both schools, such as sharing research activities, enabling professors to work together across the schools' campuses, and holding joint alumni events in different countries around the world.
Moving to the evening's topic of discussion, Jean-Philippe gave some background information about the different stock exchanges around the world, today's technology and the formation of Euronext. He explained that Euronext was created in Paris in 1999, one year later expanding to Amsterdam, Brussels and Lisbon and acquiring LIFFE (London International Financial Futures Exchange).
Jean-Philippe described how the European stock market exchanges addressed extremely difficult discussions over the last three years, which |
Jean-Philippe Grosmaitre
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resulted in the formation of the NYSE Euronext in April, 2007. He then invited Jean-François Théodore to give his views on the logic behind the movement of consolidating the world's stock exchanges,
his predictions for the future in Europe and the USA, and which countries could remain independent and why. Thanking Jean-François for his participation, Jean-Philippe sat down for the first course.
After the first course Franck Noiret introduced Jean-François who then made his presentation. Jean-François explained the period of the stock exchange monopoly and how this dramatically changed with the 'Big Bang' in 1986, when stock markets across the world were deregulated and trading became electronic rather than face-to-face on an open market floor.
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Franck Noiret |
Jean-François Théodore
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Jean-François also explained the importance of transactions taking place in milliseconds, giving statistics from NYSE Euronext as of today, compared to other stock exchanges some years ago. He went on to explain:
- the importance of cash liquidity
- how banking transaction methods have changed and the increase in amount of trading due to information technology
- the importance of easy access for the general public to understand and invest in different stock exchanges around the world
To address one of Jean-Philippe's questions, Jean-François then gave his views on how a consolidated exchange could create a global platform for clarity and investment activity, leaving the audience with two questions which were addressed over dessert and coffee. "Will it be possible to consolidate stock markets to create |
a global stock market?" "What would the benefits be for Asia?" Later, Jean-François received and replied to the various questions on this fascinating subject.
The forthcoming INSEAD-Wharton Alliance Executive Dinner:
The INSEAD National Alumni Association France and the Wharton Club de Paris are delighted to welcome Eddie Misrahi, Président de l'AFIC and Managing Partner, APAX Partners as Guest Speaker at the next INSEAD-Wharton Alliance Executive Dinner, to be held on the 30 January. For more information, click here.
For further information about the INSEAD-Wharton Alliance, please visit the Alliance website.
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