In parallel (and in competition) to this alliance of exchanges, a consortium of major international investment banks has recently announced it intends to take over the UK-based electronic share-trading system Tradepoint.
Whatever the outcome of these alliances and ventures on the infrastructure of equity markets will be, equity portfolios of private and institutional investors in EMU member countries will diversify internationally, due to the elimination of exchange rate risk. This trend can already be seen among German mutual funds that invest in equities.