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Shareholder power

机译:股东权力

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Five years ago members of the London Stock Exchange (LSE) voted to take the 200-year-old institution public. On the continent, Germany's Deutsche Boerse and Euronext-an amalgamation of several other European bourses—followed suit in the next couple of years. Demutualisation turned Europe's exchanges from organisations owned by and run for their customers, mainly big banks and brokerage firms, into companies expected to maximise shareholder value. At first, banks were shareholders as well as customers, but many sold their stakes to raise capital. Some of them may be kicking themselves today, as the money managers and hedge funds that now dominate the exchanges' boards reap the benefits of rising share prices and greater clout.
机译:五年前,伦敦证券交易所(LSE)的成员投票决定将拥有200年历史的机构公开。在欧洲大陆,德国的德意志交易所(Deutsche Boerse)和泛欧交易所集团(Euronext)合并了其他几家欧洲交易所,在接下来的几年中也纷纷效仿。股份制化将欧洲的交易从客户拥有并为客户服务的组织(主要是大型银行和经纪公司)转变为有望实现股东价值最大化的公司。最初,银行既是股东又是客户,但是许多银行出售了股份以筹集资金。由于现在支配着交易所董事会的资金经理和对冲基金已经从股价上涨和更大的影响力中获益,其中一些人可能会自发踢球。

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