The EU Commission blocks attempted merger between Europe’s two largest stock exchange operators, due to their inability to offer remedies that would prevent the creation of a de facto monopoly in the markets for fixed income clearing (Deutsche Börse / London Stock Exchange)

DB/LSE - Assessing financial infrastructure markets: Network effects, service portfolios and viability of remedies* In a nutshell: The Commission prohibited the merger between the two largest European financial infrastructure groups, Deutsche Börse and London Stock Exchange, in March 2017. This case is a telling illustration of the complexity of the merger control assessment in a dynamic industry such as financial infrastructure markets which are constantly evolving and are characterised by specific features (such as economies of scale, scope and network effects) In terms of merger control process, the remedies offered by the merging parties not only have to address the competition concerns raised by the Commission, but also have to ensure that they create a viable competitive force

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Giulia Astuti, Andreas Bergmann, laura de lucas, Balázs Horváth, Gábor Koltay, Geneviève Lallemand-Kirche, Hans Zenger, The EU Commission blocks attempted merger between Europe’s two largest stock exchange operators, due to their inability to offer remedies that would prevent the creation of a de facto monopoly in the markets for fixed income clearing (Deutsche Börse / London Stock Exchange), 29 March 2017, e-Competitions Bulletin March 2017, Art. N° 86505

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