Feb. 1 (Bloomberg) -- European Union regulators vetoed Deutsche Boerse AG and NYSE Euronext’s plan to create the world’s biggest exchange because it would have led to a “near- monopoly” in European exchange-traded derivatives.
Savings from the merger “would not be substantial enough to outweigh the harm to customers” from removing competition in several asset classes, regulators said in an e-mailed statement. The deal would have increased prices for customers and removed incentives to innovate, they said.
“We tried to find a solution, but the remedies offered fell far short of resolving the concerns,” said EU Competition Commissioner Joaquin Almunia in the statement. “These markets are at the heart of the financial system and it is crucial for the whole European economy that they remain competitive.”
--Editors: Peter Chapman, Jones Hayden
To contact the reporter on this story: Aoife White in Brussels at firstname.lastname@example.org.
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