The desperately convoluted deal between the stock exchange groups of Tokyo and Osaka is an amusing distraction from general market gloom. But it is little more than that. Despite some vague talk on Tuesday about global consolidation, both sides have left it far too late to influence much. By the time this deal is done – January 2013 at the earliest – more nimble competitors may be distant specks on the horizon.
東京和大阪證交所集團達成的極其複雜的合併協議,在陰暗的市場大環境中是一件有趣的事。但也僅此而已。儘管週二有一些關於全球整合的含糊言論,但雙方已經拖得太久,產生不了多大的影響。到這宗交易完成的時候(最早也要2013年1月),身手更爲敏捷的競爭對手或許已遙遙領先。
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