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Abbey National expresses doubts over iX merger

Abbey National, the second largest shareholder in the London Stock Exchange has expressed its concerns about the proposed merger between the LSE and the Frankfurt Exchange.

Abbey became the second largest shareholder in the LSE after it purchased the stake of a number of smaller stockbrokers. The listing floated last month, and Abbey controls 600,000 shares.

Chief executive of Abbey’s Treasury division Gareth Jones says given the choice between a merger with New York’s Nasdaq and Germany, he would choose Nasdaq.

Jones says: "If we go in with the Germans we must be careful that the British interest in the Exchange is retained. If we do not do anything at all and it becomes cheaper to trade in New York there will not be any point in having an Exchange in London at all."

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