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European Union regulators have blocked the planned merger1 of the New York and Frankfurt stock exchanges, a $10 billion deal that would have created the world's largest financial market operator.
The EU's Competition Commissioner2, Joaquin Almunia, said Wednesday the proposed deal between the owners of the New York Stock Exchange and the Deutsche Boerse exchange in Frankfurt was rejected because it would have created an unfair, near-monopoly in the trading of European derivatives4. They are complex financial securities in which investors5 bet on the fluctuations6 in the value of such underlying7 assets as stocks, commodities and currencies.
Almunia said the new, combined exchange would have controlled 90 percent of the European derivative3 trading, which he said was not acceptable. He described trading in such securities as "at the heart of the financial system" and that it was crucial for the European economy that there be competition for the transactions.
The Wall Street exchange, often deemed the face of American capitalism8, and Deutsche Boerse had announced the planned merger with great fanfare9 nearly a year ago, saying they needed to combine to save money and to offer their financial securities to a wider range of investors.
Deutsche Boerse's chief executive, Reto Francioni, called the EU's rejection10 of the merger "a black day for Europe and its global competitiveness on financial markets."
The operator of the New York exchange, NYSE Euronext, and the Frankfurt exchange said they are discussing how to call off the proposed merger.
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1
merger
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n.企业合并,并吞 | |
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2
commissioner
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n.(政府厅、局、处等部门)专员,长官,委员 | |
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3
derivative
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n.派(衍)生物;adj.非独创性的,模仿他人的 | |
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4
derivatives
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n.衍生性金融商品;派生物,引出物( derivative的名词复数 );导数 | |
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5
investors
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n.投资者,出资者( investor的名词复数 ) | |
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6
fluctuations
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波动,涨落,起伏( fluctuation的名词复数 ) | |
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7
underlying
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adj.在下面的,含蓄的,潜在的 | |
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8
capitalism
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n.资本主义 | |
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9
fanfare
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n.喇叭;号角之声;v.热闹地宣布 | |
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10
rejection
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n.拒绝,被拒,抛弃,被弃 | |
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11
analysts
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分析家,化验员( analyst的名词复数 ) | |
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12
mergers
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n.(两个公司的)合并( merger的名词复数 ) | |
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