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Jean-Francois TeodorExecutive Director of the Euronext exchange.
Country:
 France |
Content:
Biography of Jean-Francois Theodore
Jean-Francois Theodore was born in December 1946. He is the Executive Director and Chairman of the Board of Euronext, the stock exchange, since its establishment in 2000. He previously led the French stock exchange ParisBourse, which later became a part of Euronext, from 1991.
Early Life and Education
Jean-Francois Theodore graduated from the law faculty of Paris University, the Institute of Political Studies, and the National School of Administration.
Career
From 1974 to 1990 (according to other sources - until 1989), Theodore worked in the finance department of the French Ministry of Economy and Finance. He held various positions, including the deputy head of the state auditors department. He then spent two years as a member of the board at Credit National bank. Upon his return to the ministry, he became the head of the foreign currency department for former French colonies in Africa, the foreign investments department, the deputy director of the banking department, and the department of investments, state participation, and state corporations.
In 1990, Theodore was appointed Chairman of the Board of ParisBourse and assumed his duties in 1991. Under his leadership, ParisBourse became one of the most competitive European stock exchanges. Theodore successfully worked on the consolidation of small French stock exchanges and the implementation of electronic trading. The rights to use the NSC electronic trading system, developed for the Paris stock exchange, were sold to the Chicago Mercantile Exchange and several smaller platforms. By mid-1998, Theodore was ready to conclude a deal with the Deutsche Boerse, which would have established a unified NSC platform for Paris and Frankfurt trading. However, the deal did not materialize as the Deutsche Boerse announced plans to create a unified platform with the London Stock Exchange.
From 1993 to 1994, Theodore served as the Chairman of the International Federation of Stock Exchanges, and from 1998 to 2000, he was the President of the Federation of European Securities Exchanges. From 1993 to 2000, he held the position of Chairman of Sicovam, a French depository bank later transformed into Euroclear France. Theodore also joined the board of Euroclear.
On March 20, 2000, Theodore announced the merger of three European stock exchanges - Amsterdam Exchanges, Brussels Exchanges, and ParisBourse. The merger took place in September of the same year, and Theodore became the Executive Director and Chairman of the Board of the newly formed Euronext.
During the development of Euronext, Theodore, who has been the Chairman of the Managing Committee of Paris Europlace since January 1997, aimed to maintain the autonomy of each member of the alliance, especially the Paris stock exchange. Over time, Euronext significantly expanded with the inclusion of the stock exchanges in Porto and Lisbon, as well as the London International Financial Futures and Options Exchange (LIFFE).
In 2006, the New York Stock Exchange (NYSE) led by John Thain and the Deutsche Boerse led by Reto Francioni competed for the acquisition of Euronext. The NYSE offered 8 billion euros, while the Deutsche Boerse offered 8.62 billion euros. Theodore supported the merger with NYSE, considering the failed deal in 1998 and the competition between Deutsche Boerse and Euronext for control over the London Stock Exchange in 2004.
On May 23, 2006, the German proposal was rejected by the shareholders of Euronext. The terms of the agreement with the Americans were announced on May 22, stating that the merger would create the largest stock exchange in the world. Thain was supposed to become the CEO of NYSE Euronext, while Theodore was offered the position of Deputy CEO. On June 2, the agreement was signed, and it was scheduled to be voted on by the shareholders' meeting in December 2006. On November 15, Francioni commented on the prospects of the merger with Euronext, stating that "the doors remain open," but reciprocal steps from Theodore's corporation are now required. In essence, the Germans withdrew from the fight for Euronext. On November 21, Euronext rejected the new proposal from the Deutsche Boerse. The management of the German stock exchange announced that they were not willing to engage in a price war with the Americans and change the previously offered conditions.
Theodore currently serves as the Chairman of the Board of CLEARNET SBF SA, a subsidiary of Euronext that deals with clearing operations. He is also a member of the supervisory and management boards of Atos Euronext Market Solutions Holding S.A.S., LCH.Clearnet Group Ltd, Atos Origin S.A., GL TRADE, and MBE Holding. He was a former member of the supervisory board of AtosEuronext SBF. Jean-Francois Theodore is married and has three children.
