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Originally published February 11, 2011 at 8:42 AM | Page modified February 11, 2011 at 12:02 PM

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Mayor says NY-German stock exchange good for NYC

Mayor Michael Bloomberg says the proposed merger between the German and New York stock exchanges is a good deal for New York City.

The Associated Press

NEW YORK —

Mayor Michael Bloomberg says the proposed merger between the German and New York stock exchanges is a good deal for New York City.

Bloomberg said on the John Gambling radio show Friday that the deal would let the city have a presence on two continents.

The mayor says the London exchange is the New York Stock Exchange's biggest competitor. He claims the merger would allow it to do much better than London.

He said the merger would not result in job cuts because exchanges today employ few people on the trading floor.

He said a decision not to merge would leave New York isolated.

Bloomberg, who founded the financial information company Bloomberg LP, says the merger also would force a common set of accounting standards on the world.

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