SWX, the Swiss stock exchange, yesterday rebuffed an attempt by Deutsche Borse, its bigger German counterpart, to open talks on a merger or closer co-operation.
After a meeting of its 14-member board, SWX said it had opted for its existing strategy of independence, but remained open to co-operative ventures and alliances.
"The board ruled out for the time being any sale, merger or total integration of the SWX Group into another securities exchange organisation," it said in a statement.
"The board of the SWX Group is expressing its desire to preserve the competitive advantage of the Swiss financial marketplace."
The decision, following a leaked initiative by Deutsche Borse last month, was not entirely unexpected. SWX, owned by an association of 55 institutions from the financial services sector, has been keen to preserve its independence in spite of the consolidation wave among continental bourses.
Some of the companies represented in the association, such as UBS and Credit Suisse, Switzerland's two dominant banks, may have been attracted by the prospect of lower costs.
