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OFT Clears Planned NYSE - Euronext Merger

by Robin Pilgrim, LawAndTax-News.com, London

13 October 2006


The UK's Office of Fair Trading on Monday announced its decision to clear the anticipated merger between NYSE Group, Inc and Euronext N.V., operators of the NYSE and Euronext stock exchanges.

The OFT focused its inquiry on the impact of the merger on UK customers, particularly in listing and equities trading, and concluded that no relevant competition concerns were raised.

The OFT announced that:

"While a number of third parties raised concerns, these either did not relate to the prospect that the merger would substantially lessen competition in the UK or were otherwise unpersuasive in light of the weight of evidence available."

The planned deal has been the subject of increasingly intense scrutiny over the past few months, and in September, US Securities and Exchange Commission Chairman, Christopher Cox and the Chairman's Committee of the Euronext regulators met in Lisbon to discuss the potential deal.

The SEC chief and Euronext regulatory officials looked at the development of a possible framework for consultation and mutual cooperation in the interest of meeting their respective regulatory mandates in the areas of investor protection, orderly functioning and integrity of the markets.


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