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礼貌通常在投资者审判或需求前几个月拨款。Reto Mrancioni没有一天。

甚至在50岁之前瑞士执行t to start his job as CEO of Deutsche Börse earlier this month, rebel shareholders, including Harris Associates and the Children's Investment Fund, began pushing for Europe's biggest stock exchange to consider merging with its leading rival, Paris-based Euronext. Such a move -- a huge strategic change of course for Deutsche Börse -- would face major regulatory hurdles, but the suggestion can't be dismissed because of the clout of the shareholders: Harris and TCI led the revolt that forced Deutsche Börse to withdraw its £1.3 billion ($2.5 billion) bid for the London Stock Exchange earlier this year and Werner Seifert, the bid's architect, to resign as chief executive in May.

该失败使DeutscheBörse遭到过去六个月的战略和领导力。现在这是弗朗廖蒂拿起碎片，他没有浪费的时刻。

As Institutional Investor went to press, the U.K.'s Competition Commission was preparing to issue a pivotal report laying down conditions for any future bid for the LSE. Euronext chief executive Jean-François Théodore is keen to acquire the London exchange and create Europe's dominant equity marketplace, but he faces potential opposition from some of the same shareholders that blocked Seifert's bid, which are also major investors in Euronext.

仿佛RESTIVE股东不足以应对，Mrancioni还面临来自DeutscheBörss的主要客户的压力。领先的证券房屋已经加强了他们的运动，以迫使德国交易所及其竞争对手降低交易费。交易所之间的任何企图都应尊重某些原则，包括减少贸易衍生工具的费用，宣布艾伦斯德纳·克莱斯韦尔特·沃什斯·沃什斯坦副主席兼伦敦投资银行协会主席，最近在Bürgenstock的期货和期权会议上，瑞士。

“我们都在争吵的位置，”埃罗斯说。“这是三际比赛的第一次行为之后的间歇。”

与此同时，欧盟委员会正在迫切以消除清算和解决方案的障碍，以降低跨境证券交易的成本。这种监管姿态威胁要在德意志Börse的垂直集成筒仓结构中打孔，其中所有交易必须通过透明流，其全资 - 和高利润 - 子公司。

法兰利翁还还必须决定是否继续继续eurex美国，DeutscheBörse在芝加哥的损失衍生品冒险。芝加哥贸易委员会和芝加哥商品交易所的攻击性对抗已经阻止了Eurex美国获得了市场份额，而是将插头拉到21个月的历史，这是德意志贝尔斯的令人尴尬的休闲。

挑战是令人生畏的，但很少有人可以比弗兰廖蒂更好地面对他们。前者在法兰克福在20世纪90年代举行的德意志Börse电子贸易系统Xetra的发展，在法兰克福在法兰克福进入欧洲推动力的转变。在过去的三年里，他曾担任SWX Swiss Exchange董事长，瑞士股票市场运营商和德意志Börse在衍生品交换Eurex的合资伙伴。

“之前他在德意志Börse之前做得很好。他在伦敦曼证券的金融服务分析师Mamoun Tazi说错了。“让他进入马鞍并向我们展示他现在能做的事。”

其他人认为，瑞士行政的外交性质将帮助他修复在Seifert的任期期间磨损的股东关系。“德国保险公司Allianz的首席财务官Paul Achleitner说：”弗朗尼翁将平息件事。“

弗兰奇尼清楚地意识到了这种情况的紧迫性。甚至在他的提名纳入首席执行官之前，他曾与Kurt Viermetz一起前往伦敦，最近安装的董事会成员担任德意志贝尔斯董事长的监事会。在那里，他们会见了主要股东，包括TCI管理合作伙伴克里斯托弗Hohn和来自Atticus Capital，纽约的对冲基金经理和哈里斯员工的经理。

法兰廖岛拒绝接受本文采访，因为他仍然在SWX工作，而是viermetz，一天担任主席后一天，该公司表示新的管理层将采用不同的方法，以扩大交易所的范围。

“我们的目标是将DeutscheBörse转变为世界领先的资本市场中心之一，”Viermetz在慕尼黑的Hypo Real Estate举办的慕尼黑总部，他还担任主席。“当然，我们将成为欧洲的主导集团。当然，我们将为德国和欧洲做好，我们将处理比我们今天的更多产品。”

Francioni will need some time to formulate a detailed strategy, but already Viermetz suggests there will be major changes in the way Deutsche Börse pursues its goals. The 66-year-old banker talks of cooperation and alliances with other exchanges rather than mergers. There are, he says, too many regulatory and political barriers to transformational takeovers, not to mention the difficulty of getting shareholders to back them.

“这些无穷无尽的问题 - 你买的lse吗？你买欧洲咖啡吗？ - 没有帮助，”viermetz坚持不懈。“欧洲的整合并不意味着只是为了在其他证券交易所上竞标。有各种各样的方法可以合作，平台，技术，甚至是产品方针。其中一些尚未完成并执行。”

弗兰奇尼长期以来，联盟而不是兼并是欧洲追求巩固的最佳方式，德意志贝尔斯靠近德意志Börse。当SEIFERT首次提出与2000年的LSE合并时，法国弗朗赛尼不同意这一举措，瑞士行政话汇的来源。在发售宣布之前，他很快就离开了DeutscheBörse。

Francioni and Viermetz enjoy some unquestioned advantages. Deutsche Börse is the world's second-largest exchange by market capitalization, at E8.1 billion ($9.7 billion), trailing the Chicago Mercantile Exchange ($11 billion). It is nearly twice the size of Euronext, which has a market cap of E4.1 billion, and more than three times larger than the LSE (E2.4 billion).

Notwithstanding its difficulty penetrating the U.S. market, it boasts the world's largest derivatives exchange in Eurex as well as the highly profitable Clearstream subsidiary. Those businesses helped Deutsche Börse post net income of E266.1 million on revenues of E1.45 billion in 2004, well ahead of Euronext (E149.7 million in earnings, E886.8 million in revenues) and the LSE (E90.5 million and E378 million for the year ended March 31). The German group posted a 51 percent rise in net income in the first half of 2005, to E218.6 million.

For all its strengths, however, Deutsche Börse has a smaller equity market than its two main rivals. The market capitalization of stocks listed on the German exchange is just E960 billion, compared with E2.2 trillion for Euronext and E2.5 trillion for the LSE; equity trading averaged E4.5 billion a day in the first three quarters of this year, behind Euronext's E6.8 billion and the LSE's E5.9 billion.

This equity gap was underscored by George Ugeux, chairman and CEO of New Yorkbased Galileo Global Advisors and former director of international relations at the New York Stock Exchange, in a presentation to the Deutsche Börse board at the meeting last month that appointed Francioni. What Ugeux showed, Viermetz says, was that in equity trading, "we are far behind New York and London. We don't have enough listings in Germany. We have no real equity culture."

正是解决前首席执行官Seifert于12月推出了他的新竞标的那种弱点。然而，在制定这种情况下，Seifert未能考虑到他自己的股东基地中的戏剧性转变 - 具有激进的美国和U.K.资金取代了更多被动德国机构。

TCI和Harris Associates在竞争对手的竞争中竞争，支持Atticus和Fidelity Investments的支持。他们争辩，Seifert对伦敦交流提供了太多，并要求他归还股东超额资本。投资者也抗议管理层的决定，而不是持有股东投票的交易。

DeutscheBörse向反对派鞠躬，并在3月份撤回其竞标;两个月后，股东提交致电他的袋子的议案后，Seifert辞职。罗尔夫布鲁尔，监事会主席，也是股东愤怒的目标，只留了足够长的时间来挑选他的继任者Viermetz。七个其他董事会成员也辞职。

股东赢得了其他关键变革。德意志Börse于2007年底，截至2007年底，在股东到2007年底，包括今年约为e800万的股东。股东还向交易所委员会举办了两名男子：对冲基金集团GSC Partners的创始人理查德海登，以及高盛欧洲的前副主席，他是推动Seifert的出发的投资者之一;和Friedrich Merz，一个保守的政治家和TCI的德国律师。

The prospect for continued activism by shareholders received a boost last month when Germany's securities regulator, the Bundesanstalt für Finanzdienstleistungsaufsicht, announced that, because of a lack of evidence, it was dropping an investigation into possible collusion by the foreign investors in blocking the bid and overthrowing management.

Viermetz已经迅速移动以修复与股东的关系。与他的好朋友布雷尔一起，他采摘了另外四个新的监事会成员，其中包括两个担任董事会的国际代表。

The first is Craig Heimark, a managing partner of Hawthorne Group, a Palo Alto, Californiabased information technology consulting firm, whom Viermetz first met in the early 1990s when the Californian worked for O'Connor & Associates, a Chicago-based derivatives house. Viermetz, then a senior executive at J.P. Morgan & Co. in New York, advised Swiss Bank Corp. on its acquisition of O'Connor in 1992. Heimark's IT expertise will help Deutsche Börse pursue its expansion efforts, Viermetz says.

To reach out to exchange users, Viermetz tapped Richard Berliand, the London-based chairman of J.P. Morgan Futures and vice chairman of the Futures Industry Association. Berliand's expertise could come in handy if regulators force Deutsche Börse to break its exclusive clearing ties with Clearstream; he is a former director of the London Clearing House who played a key role in the 2003 merger of Euronext's Clearnet subsidiary with LCH.

这些任命应该走向加强董事会，Viermetz争辩。“我借此机会思考董事会的更广泛的重组，使其更加国际化，并带入像克雷格这样的专家，”他说。

Viermetz的国际凭据是坚实的。他在德意志银行的外汇交易员开始，杰沃的银行家，然后在德意志银行担任外汇交易员，然后在巴黎，纽约和法兰克福的J.P.摩根工作近三十年。他在20世纪80年代后期宣传了银行的外汇，交换，商品和证券交易，然后升级为副主席 - 以及该公司的第一个非美国董事会成员。

At October's supervisory board meeting, when Viermetz officially took the reins, the new board of directors raised a champagne toast to Breuer, who had overseen the successful transformation over the previous 15 years of one of Europe's oldest exchanges -- dating back to 1585 -- into one of the world's leading and most innovative markets.

Although the new management is determined to repair the damage caused by the London bid and consider new strategies for growth, Viermetz and Francioni do not represent anything like a radical change in leadership. Viermetz is keen to stress continuity and gives ample credit to Breuer for turning the Frankfurt exchange into a European powerhouse beginning with the recruitment of Seifert and Francioni in 1993.

"Frankfurt at the time was a middle-class exchange," he says. Breuer and Seifert "were looking at New York and London, which weren't doing anything different either, so they jumped in and did it -- the electronic platform. That took a lot of courage. It took the power and conviction of Germany's leading banker to do it."

弗兰西奥尼在1993年雇佣了来自瑞士的屁股ociation Tripartite Bourses, where he was working to develop an electronic trading system, to take charge of the German exchange's equities market and to sit on the group executive committee. While Breuer and Seifert, a former McKinsey & Co. consultant, provided the strategic direction, Francioni was the technocrat overhauling the exchange's technology.

1997年，DeutscheBörse推出了电子交易平台Xetra，使法兰克福成为世界上第一个转向屏幕交易的交易所之一。“Xetra是Breuer的想法 - 我们需要一个电子平台 - 但Reto是那个知道如何做到这一点的人，”德堡·贝尔斯州前通讯主管说。

“Reto负责责任，而不是为了开发它，而是为了与地板交易者打交道。他重新安排了他们的工作，很多人不再在这个行业中，”巴鲁奇学院Zicklin学校的金融​​教授罗伯特施瓦茨（Robert Schwartz）说在纽约的业务。他和法兰廖里在2004年发表的行动中定于“书籍股票市场”。

Also in 1997, Francioni launched the Neuer Markt, which became an overnight sensation for trading European technology stocks at the height of the high-tech boom. On the back of that success, he was named as Seifert's deputy in 1999. It was only a year later, however, that he resigned over his objection to Seifert's planned merger with the London Stock Exchange.

在德国纽伦堡扣除委员会的首席执行官之后，弗朗西奥尼于2002年回到瑞士作为SWX董事长。他从法兰克福的出发拯救了德国·贝尔特击中德国博士崩溃的尴尬2003年在许多曾经高飞行公司失败后。

Like Seifert, Francioni speaks English, French, German and Italian fluently. Unlike his predecessor, who had a reputation among staff for arrogance, he speaks slowly, deliberately and diplomatically. He has not been known to say a bad word about his former boss.

Francioni, who wears black-framed glasses that match his thick curly black hair, is a family man, devoted to his wife and two university-age sons. Throughout his first stint at Deutsche Börse, the family remained in Brugg, Switzerland, while he commuted to Frankfurt. The Aare River, near his home, remains his retreat: a place where Francioni, a passionate fly fisherman, can relax.

The most urgent challenge facing the new CEO is to shore up Deutsche Börse's position in Europe. Euronext's Théodore has made no secret of his desire to acquire the LSE, which would leave Frankfurt trailing even farther behind in equity trading. He has suggested that Euronext would be willing to relinquish control of LCH.Clearnet to satisfy the U.K. Competition Commission, which, in its preliminary report last summer, cited the lack of competing clearing and settlement arrangements as its main concern about a potential bid. It's unclear whether Théodore could win shareholder support for a bid, though, or whether he could exit LCH.Clearnet quickly on good terms.

"Everyone is making the blind assumption we'd make a bid right off the block," says one source at Euronext. "They are underestimating the enormity of this undertaking."

DeutscheBörse表示，如果欧洲欧元出价，它会保留对LSE对符合的权利。但是，股东可能有其他想法。9月，哈里斯员工在德意志贝尔斯（Euronext）上拥有2.6％的股权，并在欧洲欧洲欧洲欧洲欧洲贸易总局举行了10％的股份，告诉华尔街日报欧洲将有利于两大大陆交流的合并。TCI也有利于这样的交易，靠近交易所的人说。

Managements in both Paris and Frankfurt are widely believed to be hostile to a merger of the two exchanges. A source close to Euronext says Théodore is determined to create Europe's dominant equity market, which only an LSE deal would do. Deutsche Börse's vertical integration -- in particular its exclusive clearing link with Clearstream -- is also a major obstacle to a combination with Euronext, just as it was to Frankfurt's bid for the LSE.

Viermetz捍卫DeutscheBörse的透明度所有权，并不难看看为什么。该子公司是本集团最大的业务，在利息，税收和第二季度摊销前产生38％的总收入和34％。

拥有一站式交易和清算平台对客户进行更高效，Viermetz竞争。“我听到很多客户，特别是在大陆上，他们对我们的垂直结构非常满意，”他说。“对于他们的交易活动而言，这对他们来说是一个非常简单的生活。只要那就是这样，我们就会捍卫它。”

大多数伦敦证券公司都希望打开法兰克福的筒仓，并促进清算竞争，以降低跨境交易的成本。伦敦投资银行协会是一家主要证券公司的游说集团表示，即使建立政府债券贸易的实际成本，澄清集团也稳定地保持稳定，自2002年以来已下降了70％。该组织希望开放通行清算和结算系统，因此公司可以选择执行交易的最便宜和最有效的路线。

“为了实现适当的竞争，你必须分解垄断筒仓，”利比董事长·埃拉罗说。“他们有一个俘虏的市场。你不能在德国交易而不经历透明流。”

European regulators also are knocking on the Frankfurt silo. Charlie McCreevy, the European Union's Internal Market commissioner, stepped up his complaints about the cost of clearing and settlement in a recent speech at an investment conference in Luxembourg. He cited figures showing that clearing cross-border transactions can cost up to six times as much as domestic trades and warned the industry to take steps to reduce those costs by next March or face EU regulation or legislation.

埃迪Wymeersch，比利时银行业和金融委员会负责人以及欧洲证券监管机构委员会的清算和解决方案委员会主席，由于对成本的影响，他也有“对垂直筒仓的简单保留”。

法兰利翁也必须弄清楚与eurex我们有该关系。去年初以大胆的出价推出了巨大的粉丝，以挑战自己的草皮，欧盟·美国迄今未能赢得任何重大的市场份额，因为其芝加哥竞争对手的侵略性反应，这已经发动了一个共同的清算房和削减费用。

分析师估计，Eurex美国每年产生欧元兑欧元的损失。这是一个相对少量的德国Börse的尺寸，但Viermetz似乎渴望严格的红色墨水。他说，管理层需要看各种各样的选择，从与其他交流合作，以寻求私募股权公司的投资。

“如果你相信这是一个全球业务，那么它真的值得思考一个不断变化的角色，思考伙伴关系，”他说。“有各种削减我们的曝光和留在市场的手段。”虽然他不想要一个仓促的决定，但Viermetz表示，管理层将需要在大约三个月内修复Eurex的美国问题。

对于弗兰奇尼时钟正在滴答。