NYSE Technologies unions in walkout call

Listen to this article

00:00
00:00

Unions at NYSE Technologies in France called a two-hour walkout at the business on Monday morning in a dispute over profit-sharing arrangements.

The move comes amid sensitivity in Paris over the city’s continued role as a technology centre for NYSE Euronext as it pursues a tie-up with Deutsche Börse, the German exchange group.

NYSE Technologies, a unit of NYSE Euronext, employs about 170 people in Paris, some of whom support operations at the Paris Bourse, itself part of the Euronext network of exchanges that includes Amsterdam, Brussels and Lisbon.

The French CGT and CFDT unions have called for a walkout from 8am until 10am on Monday.

They claim that certain staff at NYSE Technologies are unfairly not entitled to profit-sharing pay-outs that other NYSE Euronext staff enjoy.

They also say that cuts in staff before the NYSE Euronext-Deutsche Börse deal was announced were affecting “the technological skills and competence of the group, which goes against the official position of the company when it says that it intends to keep Paris as a technological hub in the proposed merger between it and Deutsche Börse”.

Ariel Rosenzweig, leader of the CGT union at NYSE Technologies in Paris, told FT Trading Room the unions were not against the proposed merger. “We are not opponents of this merger. We want it to be a success. But to make this merger a success we have to reverse a trend that is currently ongoing in Paris, the decreasing number of technology and engineers in Paris.”

NYSE Euronext said on Monday: “European cash markets and trading systems, including in Paris, are unaffected and are trading as normal.”

Of the total employees at NYSE Technologies in Paris, 20 are union members.

When the Deutsche Börse-NYSE Euronext deal was announced last month, Reto Francioni, the German group’s chief executive, said the positions of Frankfurt and New York as financial centres would be strengthened since they would serve as dual headquarters for the group. Mike Bloomberg, New York mayor, has said the deal will be “very good” for his city.

Mr Francioni said London and Paris would “keep their status as key locations and centres of excellence”. Dominique Cerutti, deputy NYSE Euronext chief executive, will remain in Paris as head of technology services and IT in the combined group.

NYSE Euronext has moved key operations from Paris to England, and made a large commitment to Northern Ireland in the past year.

It has built a vast data centre to house traders’ computer systems in Basildon, 30 miles east of London, part of shifting its European trading systems from Paris. The group maintains a data centre at Aubervilliers, but it has largely become a back-up site since Basildon was built.

In September NYSE Euronext also opened a technology centre in Belfast, where the group was expected to create 400 jobs, according to local media reports at the time. The Belfast facility is part of NYSE Euronext’s plans for Wombat, a market data and messaging company it acquired in 2008 for $200m.

Duncan Niederauer, NYSE Euronext chief executive, was quoted at the time in local media as saying that the Belfast facility would “complement NYSE Euronext’s other European technology centres in Paris and London”.

NYSE Euronext and Deutsche Börse already have extensive operations globally, but the deal has led to questions over which financial centres will gain – and which could lose – from the new focus that a combined group would have on certain businesses.

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don't copy articles from FT.com and redistribute by email or post to the web.