00:00What about the role of Italy in Europe's capital markets and what about the research of today?
00:07Well, Italy is the third largest economy in Europe,
00:11but it's one of the few countries in Europe that has a massive commercial surplus.
00:15Why?
00:16Because Italy has one of the most impressive entrepreneurs community
00:20and one of the most competitive manufacturing industries in Europe.
00:23So, a significant part of the wealth of Europe in Italy
00:28a significant part of the saving of Europe is in Italy
00:31and our job as a market infrastructure as Euronex
00:34is to better connect local markets with global markets, local economies with global investors
00:41and that's what an exchange is all about.
00:43The survey that is published today with Bocconi is telling that the potential of growth creations
00:51by listing more companies in public markets in Italy is amazing.
00:57And this survey is in my view a game changer because it's a wake-up call to tell everyone in
01:05Italy and across Europe
01:06that there is so much wealth and value creation potential slipping here
01:11provided that it finds a better connection with savings.
01:15So, I'm super enthusiastic. European markets have never been so Italian
01:20and Italian markets have never been so European.
01:23So, we are very proud that Euronex is facilitating the connection between European markets
01:28and Italian markets between Italian entrepreneurs and global investors.
01:33And what a possible integration and merger with Deutsche Borsa. There are some rumors in this period.
01:40No, I mean, I do believe that Europe needs scale. I do believe that we need to create in Europe
01:49organization groups, platforms that have the scale to compete with global competitors.
01:54Now, there are many things that could be considered. At the moment, there are no conversations whatsoever with Deutsche Borsa.
02:02There are no dialogue, no engagement.
02:04I'm just stating that if and when one day those conversations would start,
02:10it would make sense to combine the equity markets of the German economy, which is the largest GDP in Europe,
02:17with the Italian and the French markets, which are the third and the second markets in Europe.
02:23So, that would make plenty of sense. But, I mean, clearly, it's a concern together with games.
02:28And for the moment, there is no willing partner to make it happen.
02:31But in the midterm, the horizon is a creation in Europe, in every sector, also in the banking sector,
02:37of platforms and companies and groups that have the scale to compete against the U.S. players.
02:43Last question. Who's the next at the end of your mandate?
02:48Well, the next one is… I'm smiling because we are in Rome and I know that in Rome there is
02:53a sort of special weight
02:55given to nominations, appointments, people. But the reality is much simpler.
03:01There is a supervisory board who is mandated by the shareholders to appoint my successor.
03:06This supervisory board is chaired by Piero Novelli, an Italian chairman.
03:11They are doing an extremely professional process with a very long set of interviews
03:17for internal candidates, external candidates, auditions, interviews, screening.
03:23And they will come with the output of the selection process either at the end of this year
03:28or at the beginning of next year. And they will propose a name to be approved by the shareholders
03:33at the general meeting in May. So the process is extremely serious professional and purely commercially driven.
03:41I doubted the committee for the loophants of the company, but the sub-righteous.
03:41It is a great request for the actions of the company to empower the shareholders.
03:41And they will come and see how they're going to make a donation of the workers'
03:42It's very difficult to control these positions. And so the purpose of the ENE data
03:42itself is a very difficult process. And then we will work on athensit.
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