London cheer as merger of Deutsche Börse and NYSE is blocked
Thursday 02 February 2012
London breathed a sigh of relief yesterday as the European Commission confirmed the view of EU regulators that the controversial merger of Deutsche Börse and NYSE Euronext, the owner of the New York Stock Exchange, should be blocked.
Watchdogs objected to the deal on competition grounds, not least because the merged organisation would dominate the derivatives business in Europe. The merged company would have owned both Liffe, London's futures exchange, and its Frankfurt-based rival, Eurex.
Deutsche Börse hoped a last-ditch appeal to the commission would see the decision of EU regulators reversed. However, the attempt failed.
Deutsche's board described the decision as "a black day for Europe and for its future competitiveness on global financial markets".
It added: "The EU Commission's decision is based on an unrealistically narrow definition of the market that does no justice to the global nature of competition in the market for derivatives."
Both exchanges had argued that a merger would enable them to compete globally with companies like America's CME Group, which dominates US derivatives.
- 1 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 2 Dog thinks owner is drowning in lake, dives in and tries to pull him out
- 3 Thank heavens for Louise Mensch and her foul-mouthed tweets to world leaders
- 4 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 5 Phil Neville backtracks on Tomas Rosicky 'I'd smash him' comments from Match of the Day 2
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Greece elections: Greek PM Alexis Tsipras takes aim at 'neo-liberal' Europe as country gears up for prolonged austerity battle
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Prince Philip set to be knighted by Australia: Celebrate by reading his greatest gaffes
New York snow: Winter Storm Juno downgraded as 'one of the largest snowstorms in history' fails to show
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
Leaked documents show Ukip leaders approve NHS privatisation once it becomes more 'acceptable to the electorate'
iJobs Money & Business
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...