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Last Word: John Thain and Jean-Francois Theodore; The First Global Exchange.(New York stock exchange and Euronext)

Newsweek International

| May 14, 2007 | COPYRIGHT 2009 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Ever since the New York stock exchange and the Paris-based Euronext announced their $20 billion merger last spring, the two firms have been hard at work transforming into the first transatlantic stock market. Shortly after its debut last month, the merger's two main architects, CEO John Thain and deputy CEO Jean-Francois Theodore, accepted an award for transcultural leadership from INSEAD, the respected French business school. NEWSWEEK's Chairman and Editor-in-Chief Richard M. Smith spoke with them about the opportunities and obstacles they've encountered in building a transnational financial powerhouse even as technology and globalization are rewriting the rules of securities trading. Excerpts:

SMITH: The…

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