The creation of Newedge in 2008 enabled us to confront two trends in our core business of listed derivatives brokerage. On the one hand, there was a movement towards industry consolidation. On the other we were confronted with nascent competition from stock markets seeking direct access to certain of our clients, as a result of which brokers are losing their position as intermediaries. In addition, this move seemed to be a suitable response to the needs of our clients seeking more added value and more extensive services. From its inception this deal gave Newedge critical mass and a complementary product portfolio. The merger of Fimat and Calyon Financial was entirely logical: they were direct competitors owned by two major French banks; they were in the same business and had two highly complementary international networks. The 50-50 merger agreement was signed in August 2007 and the deal was closed on January 2, 2008.

Though we started up in the midst of the global financial crisis, we continued to develop our business. The merger’s complexity derived mainly from the need to integrate operations in 17 countries, compounded by the fact that we are members of 85 stock markets around the world. Systems integration was required in each country and for each stock market. By the end of 2008, around half of this integration had been carried out, and it is now complete in Asia. Staff integration took place in April 2008 for our large operations.

Yes, the merger has been a success because we have maintained our growth with good earnings, while limiting our risks. We have outperformed the business plan adopted in 2007 by 20% in terms of revenues and by 30% in terms of gross operating income. The merger could not have come at a better time: Newedge was better able to weather the crisis than either Fimat or Calyon Financial would have been on its own. Lastly, our success was backed by the solidity of our two shareholders, amply demonstrated during this period of crisis. In terms of its ownership structure, shareholders and product range, Newedge is now very well positioned in its markets.

Our main objective is to continue the integration, which is going ahead according to plan. In addition, we have to weather the crisis while maintaining our market share. We must also continue to monitor our risks and control our costs. We need to stay focused on our client relationships and our responses to their needs. Lastly our shareholders are still in favor of a partial IPOInitial Public Offering. Initial listing of a portion of a company's capital on the stock market, with or without a capital increase. This is a favoured exit strategy for private equity investors looking to unlock the value of their investment. if market conditions permit. That implies putting the group into good shape at the opportune moment.