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NYSE Euronext – Deutsche Börse Merger: Let the Dance Go On!

Diego Valiante

affiliation not provided to SSRN

April 1, 2011

ECMI Policy Brief No. 18/31

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 The author also comments on the merits of the competing bid recently withdrawn by NASDAQ OMX and ICE on NYSE Euronext.

Number of Pages in PDF File: 10

Keywords: antitrust, exchanges merger, financial markets, competition policy, market structure

JEL Classification: K21, L40, G10

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Date posted: June 4, 2011  

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

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Diego Valiante (Contact Author)
affiliation not provided to SSRN
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