ECMI Policy Brief No. 18/31
10 Pages Posted: 4 Jun 2011
Date Written: April 1, 2011
In this new ECMI Policy Brief, Research Fellow Diego Valiante offers his insights into the motivations, potential synergies and implications of the proposed merger between NYSE Euronext and Deutsche Börse, which he sees as a continuation of the intricate series of dances begun two decades ago between various exchanges worldwide and which now escalates at global level in the non-equity business. The author finds that the liberalization process and regulatory changes brought about by the financial crisis have revived this long-term process. Finally, he points at the importance of following a dynamic approach in the merger test, which would induce the Commission to impose rigorous conditions to clear the deal. The author also comments on the merits of the competing bid recently withdrawn by NASDAQ OMX and ICE on NYSE Euronext.
Keywords: antitrust, exchanges merger, financial markets, competition policy, market structure
JEL Classification: K21, L40, G10
Suggested Citation: Suggested Citation
Valiante, Diego, NYSE Euronext – Deutsche Börse Merger: Let the Dance Go On! (April 1, 2011). ECMI Policy Brief No. 18/31. Available at SSRN: https://ssrn.com/abstract=1856724 or http://dx.doi.org/10.2139/ssrn.1856724