OUTLOOK: Euronext ahead

WE'VE GOT the now almost certain Competition Commission investigation still to come, but after yesterday's patch of proposals from Euronext, the Paris-based exchange looks to be ahead on points of its rival, Deutsche Borse in the battle for the London Stock Exchange. Bar domiciling in the UK, Euronext has come as far as it is possible to in answering the Financial Services Authority's concerns over regulation and corporate governance by offering to set up a unified board. By having a dual primary listing in London, Euronext also makes itself subject to UK listing rules, including the combined code. Deutsche Borse cannot do this because German law requires it to have a supervisory board. There's a long way to go yet, and Euronext has yet to name a price, but on the regulatory front its chairman, Jean- Francois Theodore, has already established a clear lead.

jeremy.warner@independent.co.uk