NYSE Euronext is denying reports that the European Commission is set to kill its proposed merger with the Deutsche Boerse.
The operator of the New York Stock Exchange released a statement Tuesday indicating that it “has not yet received any official decision by the European Commission” regarding the merger. It notes that the commission is slated to make its final ruling on whether to clear the proposed merger by February 9.
“As a matter of policy, we cannot comment on speculation,” it says, adding that it has made a good case for the deal to the European authorities. “The proposed merger aims to create a regulated, highly liquid and integrated European market for stock and derivatives trading as well as clearing and settlement, thereby contributing to the stability, integrity and transparency of the European financial market,” it says. And, it notes that it has also proposed “substantial and tangible concessions” that aim to address the EC’s competition concerns.
“Under the European Commission’s formal process, any preliminary recommendation by the case team would subsequently be vetted and acted on by the entire European Commission. We look forward to pressing the case for this compelling transaction in that forum,” it adds.
Regulatory concerns have dogged a variety of efforts to merge stock exchanges around the world over the past year. And, in Canada, the collection of banks and pension funds that is bidding to consolidate and integrate the trading and clearing businesses — by buying up the TMX Group, its main rival in the trading business, Alpha Group, and the industry clearing operation, CDS — is awaiting decisions from securities regulators and competition authorities on its proposed deal.