Saying this look what we are doing and where it is

In an interview with the "Echos", Christine Lagarde, Minister of economy, dedramatized the relocation of the computing platform of Nyse Euronext in the suburbs of London ("Les Echos" of July 22). The Minister wants that actors unite for defense of the place. In September, it goes together and thus to probe their motivations. Christine Lagarde wants to be sure to work for groups wishing to make the place of Paris the centre of their activity.

How you react to the relocation of the electronic platform of Nyse Euronext cash

The term of delocalization concerne generally much heavier operations. I nevertheless understand reactions strong and firm Jean-Pierre Jouyet regrets this event. It is in his role as President of the authority of des marchés financiers (AMF). Only, should not overestimate the importance of this decision. It is for the sake of competitiveness that Nyse Euronext has sought to move closer to its clients servers. It may, therefore, justify move 10 people and a computer centre. Conversely, Nyse Euronext has made the choice of Paris for all activities of computer testifies, supervision of the market actions in Europe, technological support.

It is a hard blow to the Centre of Paris...

Saying this, look what we are doing and where it is. Top-of the Committee place that we've established already had the merit of bringing together actors from all walks of life, the public sector, with the Ile-de-France region and the city of Paris, to professional associations, passing by the regulators, the management of assets, insurers and bankers. As soon as its constitution, he defined a strategic plan that it has implemented. We, public authorities, have helped them us by simplifying complex subjects such as management of securities, the prospectus of the Fund, the obligations of translation for the professional segment, supprimant stock exchange tax. Because of this, we managed to make the place of Paris a home economic, legal and tax land. Today, the French asset management industry is the European leader with 21 of assets under management in Europe. In conservation, we have players among the first world. On derivatives shares, we occupy a prominent place in Europe. On credit derivatives, there is some progress to make, as well as on the market of corporate bonds. But development of the Centre of Paris by constructing a physiognomy balanced between activities. In the crisis, it has instead shown good resistance.

Despite this, London continues to attract French finance.

London has undeniable assets indeed. It enjoys the largest concentration of clients and a stronger cultural tradition in the trading of the shares. A few years ago the British trumpeted their "light regulation" and pushed for their tax system. Today, the gap between the France and Britain has significantly reduced on this last point.

The decision by Nyse Euronext shows that infrastructure tend to follow their clients. How can Paris attract them, including "hedge funds"

I intend to invite all players place de Paris starting in September, bankers - I think the leaders of banks and the patterns of the Finance Bank and investment-, issuers, regulators and all other partners concernés, so they tell me where they see the development of the place of Paris deposits. We must continue to develop areas of excellence, which may not be the management of the "hedge funds", even if with the Sicaf, we created a new tool by order, in January, that puts us at level with the foreign places. The texts of application will be taken before the end of the year.

What will you do specifically to promote the French financial market

I note that we have already adopted eight orders to improve the functioning of markets. Maintenant, we would like to be sure to work for groups wishing to make the place of Paris the centre of their activity. It is time to sound the general mobilization, what we will do in September bringing the Place together to prepare a response.

You, as Jean-Pierre Jouyet, banks sometimes have a double speech

I wish that the Presidents of the French banks, which are sincere when they express their commitment instead of Paris, shall ensure that, in their House, the great managers and managers of bank financing and investment activities are on the same line. They must be very clear on their strategy development and implementation and in their faith in the Centre of Paris.

Another important issue concerns the compensation of credit derivatives in the euro area.

Several alternatives proposed to us, including that of LCH.Clearnet SA, the French branch of the Franco-British clearing house.

How do you explain that Americans are ahead of these issues

They were the biggest victims of this crisis. In view of the shock that they have suffered, they have responded accordingly. I do not think that we are late. On the contrary. For example, we have provided a great deal of work to bring closer the CMAA and the Banking Commission with the co-production of all. I think that we are still a blow in advance on the Americans and the British in the adaptation of our system of supervision.

How to facilitate the market access of SMEs with intermediate-sized companies (ETI)A recurrent topic

I indicated my willingness to ease the regulatory costs of access to the market, via a sort of "small business act" fellow. And I also wish to facilitate access of SMEs to an independent financial analysis. But the undercapitalisation of SMEs and the ETI problems go beyond the problems of functioning of financial markets. The strengthening of their own funds will be one of the priorities of the school, with, inter alia, the establishment of a Fund of entrenchment and public-private development of more than EUR 200 million.