Stock markets merger looks doomed despite lobbying

EU Competition Commissioner Joaquin Almunia opposes it as the merged company would dominate

derivatives trading in Europe. He has said they would have to sell substantial parts of their operations to get approval.

NYSE Euronext’s boss Duncan Niederauer and Deutsche Boerse’s Reto Francioni have been lobbying in Brussels stressing the advantages.

Niederauer told euronews: "This is a great opportunity for Europe, it’s consistent with Europe’s ambitions to integrate the markets and bring them together, and also — more importantly — we are building a European-centric company. 70 percent of the revenue is in Europe, 80 percent of the board members are from Europe, incorporated in the Netherlands, employees from all 27 member states; this is a very, very good transaction for Europe."

National competition regulators in the European Union — made up of an advisory committee of experts — have said they agree with Almunia.

All 27 EU commissioners are expected on vote on the matter at the start of February.

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Photo: dimych.com