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Investor asked about NYSE EURONET

A reader asked, “what’s NYSE EURONET?” This was a response to yesterday’s post. That post reported NYSE EURONET took control of the LIBOR rate in London from the British Bankers Association after exposure of corruption and rate favoritism during the 2008 financial crisis.

NYSE EURONET is the company that owns the New York Stock Exchange and exchanges in London, Paris, Amsterdam, Brussels and Lisbon. It was created by the merger of the American NYSE and European EURONET.

Think of an exchange like the business of a farmer’s market. In a farmer’s market vendors with produce to sell offer their products and buyers pick and choose what they want to buy. Buyers can pick from between several sellers of the same produce and negotiate over price.

Sellers want the highest price that they can get while they don’t want to take anything home except cash. They want to sell out so can be very motivated to accept a lower price. Likewise buyers who must have a loaf of artisan bread offered in limited quantity or be the first to have a new fruit in limited supply can pay higher prices to ensure they get what they want.

The farmers market itself does not buy or sell any produce. They provide the marketplace for trading or exchange of produce. Sales are between individual buyers and sellers who do business with one another at the market. The farmers market collects a % or a fee per sale or vendor or receives compensation from a sponsoring authority or government.

Exchanges of financial instruments like stocks or equities are similar; fees are their source of revenue. Some are owned as private businesses, others are partnerships and still others like NYSE EURONET or the TSX are publicly owned and traded like any other listed public company.

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