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The Lead Up to NYSE and Deutsche Boerse Merger

THE LEAD UP TO NYSE AND DEUTSCHE BOERSE MERGER FINCAD The U.S. Department of Justice has approved the merger of two exchange operators Deutsche Boerse and NYSE Euronext. An overview of the media reports leading up to the merger. The Future of Financial Analytics Date news article was published Google trends: "NYSE" (Search Volume index) 1.00 2.00 -- AUG AUGUST 1, 2011 British financial sector worried about Deutsche Boerse merger British financial sector is worried that combining most of the European derivatives market under the German Deutsche Boerse could have long-term implications for its place in the industry. Xavier Rolet said that shifting clearing services and the headquarters of the exchanges to Frankfurt, Germany, could ultimately drain some of London's financial clout. The country has little sway over continental policies in the sector despite controlling roughly two-thirds of all financial activity in Europe. http://bit.ly/rCWR2 -- SEP SEPTEMBER 8, 201 Proposed merger between NYSE and Deutsche Boerse breaks stock market rules A law professor has recently issued a legal opinion which states that the proposed merger of Deutsche Boerse and NYSE breaks German exchange rules and should therefore be blocked by regulators. The merger would create the world's largest exchange for stocks, derivatives and bonds. http://bit.ly/sLYNg6 NYSE Euronext expects objections from EU New York Stock Exchange (NYSE) Euronext announced on October 4 that it won't be surprised if the European Union (EU) objects to its proposed merger with Deutsche Boerse. Two sources close to the matter have informed The Montreal Gazzette that EU officials plan to formally state their objections to the proposed merger this week. Two sources speaking with Reuters stated the same OCTOBER 4, 2011 OCT officials would object to the transaction this week. http://bitly/ve3gHK NYSE and D. Boerse have four weeks to OCTOBER 12, 2011 reply to European Commission objections Deutsche Boerse and the New York Stock Exchange (NYSE) have four weeks to reply to a statement of objections that was recently sent by the European Commission, a source familiar with the matter told Reuters. The NYSE agreed to be acquired by the German exchange in February. If approved, the merger would create the world's largest exchange for equities and derivatives. http://bitly/tTxvaH NYSE Euronext and Deutsche Boerse sell NOVEMBER 03, 2011 -- NOV merger as means of managing systemic risk With negotiations for potential concessions scheduled to begin next week, NYSE Euronext and Deutsche Boerse are pitching their proposed merger to regulators as a means of managing systemic risk. NYSE Euronext CEO Duncan Niederauer has stated that officials from the two exchanges will meet with members of the European Union Competition Commission's case team that have been tasked with evaluating the proposed transaction. http://bit.ly/ugzy71 DECEMBER 06, 2011 Deutsche Boerse and NYSE Euronext will need to sell assets for merger to be cleared by EU SALE The two exchange operators will need to sell further assets for the transaction to go through. Combining the two firms without forcing them to divest some of their assets would create monopolies in both the clearing and derivatives. http://bit.ly/ITA92Y Proposed Deutsche Boerse NYSE merger faces more challenges * After the latest round of proposals failed to generate a favorable response from the officials, the exchange operators are considering additional measures that could be used to ensure that the merger is cleared. The two companies most recently proposed divesting overlapping portions of their European derivatives business and DECEMBER 07, 2011 letting competitors access the Eurex clearinghouse. http://bit.ly/viac7v -- DEC Deutsche Boerse and NYSE propose new DECEMBER 13, 2011 solutions to enable merger They offered a new round of potential concessions on Monday, December 12, in an attempt to smooth the passage of their proposed merger. In a late night proposal on Monday, the two organizations proposed selling all of the European equity derivatives business that is currently run by NYSE Liffe. http://bit.ly/teakzP German regulator states its proposals for potential NYSE-Deutsche Boerse deal A German regulator recently requested an alteration to the terms of the proposed merger between the New York Stock Exchange and Deutsche Boerse based on worries of how their operations could be impacted by the transaction. The Hessian Ministry of Economy has the ability to both revoke the operating license of Deutsche Boerse and also prohibit the exchange operator from making any alterations to the resulting ownership structure that would come from combining the exchange operator with NYSE Euronext. http://bit.ly/tUhYaD DECEMBER 13, 2011 DECEMBER 20, 2011 NYSE and Deutsche Boerse offer to cap derivatives fees for 3 years They have proposed capping fees on their derivatives transactions for the next 3 years in an attempt to appease European Commission officials who are holding up the merger of the two giants. This latest offer was proposed after a series of proposals made in November failed to appease the concerns of the proper regulators that combining the two exchange operators would be detrimental to competition. The proposals made in December were criticized as being too small. http://bit.ly/rHoSm6 DOJ approves Deutsche Boerse-NYSE Euronext merger The deal is conditional upon the International Securities Exchange, which is a subsidiary of Deutsche Boerse, selling its 31.5 percent stake in Direct Edge. The interest in Direct Edge, which is the United States' fourth-largest exchange operator, must be divested within the next two years. DECEMBER 22, 2011 http://bitly/ut0220 APPROVED DECEMBER 28, 2011 Deutsche Boerse and NYSE Euronext extend merger deadline They announced that they will extend the deadline for their merger to March 31 as they wait to see whether proposed concessions will satisfy European regulators. http://bitly/ze0A7Z Google Trends was used to generate the average worldwide traffic of "NYSE." The horizontal axis indicates the month, and the verticle axis indicates Google's Search Volume index. Google Trends analyzes a portion of Google web searches to compute how many searches have been done for the terms entered. All news articles were from FINCAD Derivatives News site (http://derivative-news.fincad.com). FINCAD 2011. www.fincad.com THE LEAD UP TO NYSE AND DEUTSCHE BOERSE MERGER FINCAD The U.S. Department of Justice has approved the merger of two exchange operators Deutsche Boerse and NYSE Euronext. An overview of the media reports leading up to the merger. The Future of Financial Analytics Date news article was published Google trends: "NYSE" (Search Volume index) 1.00 2.00 -- AUG AUGUST 1, 2011 British financial sector worried about Deutsche Boerse merger British financial sector is worried that combining most of the European derivatives market under the German Deutsche Boerse could have long-term implications for its place in the industry. Xavier Rolet said that shifting clearing services and the headquarters of the exchanges to Frankfurt, Germany, could ultimately drain some of London's financial clout. The country has little sway over continental policies in the sector despite controlling roughly two-thirds of all financial activity in Europe. http://bit.ly/rCWR2 -- SEP SEPTEMBER 8, 201 Proposed merger between NYSE and Deutsche Boerse breaks stock market rules A law professor has recently issued a legal opinion which states that the proposed merger of Deutsche Boerse and NYSE breaks German exchange rules and should therefore be blocked by regulators. The merger would create the world's largest exchange for stocks, derivatives and bonds. http://bit.ly/sLYNg6 NYSE Euronext expects objections from EU New York Stock Exchange (NYSE) Euronext announced on October 4 that it won't be surprised if the European Union (EU) objects to its proposed merger with Deutsche Boerse. Two sources close to the matter have informed The Montreal Gazzette that EU officials plan to formally state their objections to the proposed merger this week. Two sources speaking with Reuters stated the same OCTOBER 4, 2011 OCT officials would object to the transaction this week. http://bitly/ve3gHK NYSE and D. Boerse have four weeks to OCTOBER 12, 2011 reply to European Commission objections Deutsche Boerse and the New York Stock Exchange (NYSE) have four weeks to reply to a statement of objections that was recently sent by the European Commission, a source familiar with the matter told Reuters. The NYSE agreed to be acquired by the German exchange in February. If approved, the merger would create the world's largest exchange for equities and derivatives. http://bitly/tTxvaH NYSE Euronext and Deutsche Boerse sell NOVEMBER 03, 2011 -- NOV merger as means of managing systemic risk With negotiations for potential concessions scheduled to begin next week, NYSE Euronext and Deutsche Boerse are pitching their proposed merger to regulators as a means of managing systemic risk. NYSE Euronext CEO Duncan Niederauer has stated that officials from the two exchanges will meet with members of the European Union Competition Commission's case team that have been tasked with evaluating the proposed transaction. http://bit.ly/ugzy71 DECEMBER 06, 2011 Deutsche Boerse and NYSE Euronext will need to sell assets for merger to be cleared by EU SALE The two exchange operators will need to sell further assets for the transaction to go through. Combining the two firms without forcing them to divest some of their assets would create monopolies in both the clearing and derivatives. http://bit.ly/ITA92Y Proposed Deutsche Boerse NYSE merger faces more challenges * After the latest round of proposals failed to generate a favorable response from the officials, the exchange operators are considering additional measures that could be used to ensure that the merger is cleared. The two companies most recently proposed divesting overlapping portions of their European derivatives business and DECEMBER 07, 2011 letting competitors access the Eurex clearinghouse. http://bit.ly/viac7v -- DEC Deutsche Boerse and NYSE propose new DECEMBER 13, 2011 solutions to enable merger They offered a new round of potential concessions on Monday, December 12, in an attempt to smooth the passage of their proposed merger. In a late night proposal on Monday, the two organizations proposed selling all of the European equity derivatives business that is currently run by NYSE Liffe. http://bit.ly/teakzP German regulator states its proposals for potential NYSE-Deutsche Boerse deal A German regulator recently requested an alteration to the terms of the proposed merger between the New York Stock Exchange and Deutsche Boerse based on worries of how their operations could be impacted by the transaction. The Hessian Ministry of Economy has the ability to both revoke the operating license of Deutsche Boerse and also prohibit the exchange operator from making any alterations to the resulting ownership structure that would come from combining the exchange operator with NYSE Euronext. http://bit.ly/tUhYaD DECEMBER 13, 2011 DECEMBER 20, 2011 NYSE and Deutsche Boerse offer to cap derivatives fees for 3 years They have proposed capping fees on their derivatives transactions for the next 3 years in an attempt to appease European Commission officials who are holding up the merger of the two giants. This latest offer was proposed after a series of proposals made in November failed to appease the concerns of the proper regulators that combining the two exchange operators would be detrimental to competition. The proposals made in December were criticized as being too small. http://bit.ly/rHoSm6 DOJ approves Deutsche Boerse-NYSE Euronext merger The deal is conditional upon the International Securities Exchange, which is a subsidiary of Deutsche Boerse, selling its 31.5 percent stake in Direct Edge. The interest in Direct Edge, which is the United States' fourth-largest exchange operator, must be divested within the next two years. DECEMBER 22, 2011 http://bitly/ut0220 APPROVED DECEMBER 28, 2011 Deutsche Boerse and NYSE Euronext extend merger deadline They announced that they will extend the deadline for their merger to March 31 as they wait to see whether proposed concessions will satisfy European regulators. http://bitly/ze0A7Z Google Trends was used to generate the average worldwide traffic of "NYSE." The horizontal axis indicates the month, and the verticle axis indicates Google's Search Volume index. Google Trends analyzes a portion of Google web searches to compute how many searches have been done for the terms entered. All news articles were from FINCAD Derivatives News site (http://derivative-news.fincad.com). FINCAD 2011. www.fincad.com THE LEAD UP TO NYSE AND DEUTSCHE BOERSE MERGER FINCAD The U.S. Department of Justice has approved the merger of two exchange operators Deutsche Boerse and NYSE Euronext. An overview of the media reports leading up to the merger. The Future of Financial Analytics Date news article was published Google trends: "NYSE" (Search Volume index) 1.00 2.00 -- AUG AUGUST 1, 2011 British financial sector worried about Deutsche Boerse merger British financial sector is worried that combining most of the European derivatives market under the German Deutsche Boerse could have long-term implications for its place in the industry. Xavier Rolet said that shifting clearing services and the headquarters of the exchanges to Frankfurt, Germany, could ultimately drain some of London's financial clout. The country has little sway over continental policies in the sector despite controlling roughly two-thirds of all financial activity in Europe. http://bit.ly/rCWR2 -- SEP SEPTEMBER 8, 201 Proposed merger between NYSE and Deutsche Boerse breaks stock market rules A law professor has recently issued a legal opinion which states that the proposed merger of Deutsche Boerse and NYSE breaks German exchange rules and should therefore be blocked by regulators. The merger would create the world's largest exchange for stocks, derivatives and bonds. http://bit.ly/sLYNg6 NYSE Euronext expects objections from EU New York Stock Exchange (NYSE) Euronext announced on October 4 that it won't be surprised if the European Union (EU) objects to its proposed merger with Deutsche Boerse. Two sources close to the matter have informed The Montreal Gazzette that EU officials plan to formally state their objections to the proposed merger this week. Two sources speaking with Reuters stated the same OCTOBER 4, 2011 OCT officials would object to the transaction this week. http://bitly/ve3gHK NYSE and D. Boerse have four weeks to OCTOBER 12, 2011 reply to European Commission objections Deutsche Boerse and the New York Stock Exchange (NYSE) have four weeks to reply to a statement of objections that was recently sent by the European Commission, a source familiar with the matter told Reuters. The NYSE agreed to be acquired by the German exchange in February. If approved, the merger would create the world's largest exchange for equities and derivatives. http://bitly/tTxvaH NYSE Euronext and Deutsche Boerse sell NOVEMBER 03, 2011 -- NOV merger as means of managing systemic risk With negotiations for potential concessions scheduled to begin next week, NYSE Euronext and Deutsche Boerse are pitching their proposed merger to regulators as a means of managing systemic risk. NYSE Euronext CEO Duncan Niederauer has stated that officials from the two exchanges will meet with members of the European Union Competition Commission's case team that have been tasked with evaluating the proposed transaction. http://bit.ly/ugzy71 DECEMBER 06, 2011 Deutsche Boerse and NYSE Euronext will need to sell assets for merger to be cleared by EU SALE The two exchange operators will need to sell further assets for the transaction to go through. Combining the two firms without forcing them to divest some of their assets would create monopolies in both the clearing and derivatives. http://bit.ly/ITA92Y Proposed Deutsche Boerse NYSE merger faces more challenges * After the latest round of proposals failed to generate a favorable response from the officials, the exchange operators are considering additional measures that could be used to ensure that the merger is cleared. The two companies most recently proposed divesting overlapping portions of their European derivatives business and DECEMBER 07, 2011 letting competitors access the Eurex clearinghouse. http://bit.ly/viac7v -- DEC Deutsche Boerse and NYSE propose new DECEMBER 13, 2011 solutions to enable merger They offered a new round of potential concessions on Monday, December 12, in an attempt to smooth the passage of their proposed merger. In a late night proposal on Monday, the two organizations proposed selling all of the European equity derivatives business that is currently run by NYSE Liffe. http://bit.ly/teakzP German regulator states its proposals for potential NYSE-Deutsche Boerse deal A German regulator recently requested an alteration to the terms of the proposed merger between the New York Stock Exchange and Deutsche Boerse based on worries of how their operations could be impacted by the transaction. The Hessian Ministry of Economy has the ability to both revoke the operating license of Deutsche Boerse and also prohibit the exchange operator from making any alterations to the resulting ownership structure that would come from combining the exchange operator with NYSE Euronext. http://bit.ly/tUhYaD DECEMBER 13, 2011 DECEMBER 20, 2011 NYSE and Deutsche Boerse offer to cap derivatives fees for 3 years They have proposed capping fees on their derivatives transactions for the next 3 years in an attempt to appease European Commission officials who are holding up the merger of the two giants. This latest offer was proposed after a series of proposals made in November failed to appease the concerns of the proper regulators that combining the two exchange operators would be detrimental to competition. The proposals made in December were criticized as being too small. http://bit.ly/rHoSm6 DOJ approves Deutsche Boerse-NYSE Euronext merger The deal is conditional upon the International Securities Exchange, which is a subsidiary of Deutsche Boerse, selling its 31.5 percent stake in Direct Edge. The interest in Direct Edge, which is the United States' fourth-largest exchange operator, must be divested within the next two years. DECEMBER 22, 2011 http://bitly/ut0220 APPROVED DECEMBER 28, 2011 Deutsche Boerse and NYSE Euronext extend merger deadline They announced that they will extend the deadline for their merger to March 31 as they wait to see whether proposed concessions will satisfy European regulators. http://bitly/ze0A7Z Google Trends was used to generate the average worldwide traffic of "NYSE." The horizontal axis indicates the month, and the verticle axis indicates Google's Search Volume index. Google Trends analyzes a portion of Google web searches to compute how many searches have been done for the terms entered. All news articles were from FINCAD Derivatives News site (http://derivative-news.fincad.com). FINCAD 2011. www.fincad.com THE LEAD UP TO NYSE AND DEUTSCHE BOERSE MERGER FINCAD The U.S. Department of Justice has approved the merger of two exchange operators Deutsche Boerse and NYSE Euronext. An overview of the media reports leading up to the merger. The Future of Financial Analytics Date news article was published Google trends: "NYSE" (Search Volume index) 1.00 2.00 -- AUG AUGUST 1, 2011 British financial sector worried about Deutsche Boerse merger British financial sector is worried that combining most of the European derivatives market under the German Deutsche Boerse could have long-term implications for its place in the industry. Xavier Rolet said that shifting clearing services and the headquarters of the exchanges to Frankfurt, Germany, could ultimately drain some of London's financial clout. The country has little sway over continental policies in the sector despite controlling roughly two-thirds of all financial activity in Europe. http://bit.ly/rCWR2 -- SEP SEPTEMBER 8, 201 Proposed merger between NYSE and Deutsche Boerse breaks stock market rules A law professor has recently issued a legal opinion which states that the proposed merger of Deutsche Boerse and NYSE breaks German exchange rules and should therefore be blocked by regulators. The merger would create the world's largest exchange for stocks, derivatives and bonds. http://bit.ly/sLYNg6 NYSE Euronext expects objections from EU New York Stock Exchange (NYSE) Euronext announced on October 4 that it won't be surprised if the European Union (EU) objects to its proposed merger with Deutsche Boerse. Two sources close to the matter have informed The Montreal Gazzette that EU officials plan to formally state their objections to the proposed merger this week. Two sources speaking with Reuters stated the same OCTOBER 4, 2011 OCT officials would object to the transaction this week. http://bitly/ve3gHK NYSE and D. Boerse have four weeks to OCTOBER 12, 2011 reply to European Commission objections Deutsche Boerse and the New York Stock Exchange (NYSE) have four weeks to reply to a statement of objections that was recently sent by the European Commission, a source familiar with the matter told Reuters. The NYSE agreed to be acquired by the German exchange in February. If approved, the merger would create the world's largest exchange for equities and derivatives. http://bitly/tTxvaH NYSE Euronext and Deutsche Boerse sell NOVEMBER 03, 2011 -- NOV merger as means of managing systemic risk With negotiations for potential concessions scheduled to begin next week, NYSE Euronext and Deutsche Boerse are pitching their proposed merger to regulators as a means of managing systemic risk. NYSE Euronext CEO Duncan Niederauer has stated that officials from the two exchanges will meet with members of the European Union Competition Commission's case team that have been tasked with evaluating the proposed transaction. http://bit.ly/ugzy71 DECEMBER 06, 2011 Deutsche Boerse and NYSE Euronext will need to sell assets for merger to be cleared by EU SALE The two exchange operators will need to sell further assets for the transaction to go through. Combining the two firms without forcing them to divest some of their assets would create monopolies in both the clearing and derivatives. http://bit.ly/ITA92Y Proposed Deutsche Boerse NYSE merger faces more challenges * After the latest round of proposals failed to generate a favorable response from the officials, the exchange operators are considering additional measures that could be used to ensure that the merger is cleared. The two companies most recently proposed divesting overlapping portions of their European derivatives business and DECEMBER 07, 2011 letting competitors access the Eurex clearinghouse. http://bit.ly/viac7v -- DEC Deutsche Boerse and NYSE propose new DECEMBER 13, 2011 solutions to enable merger They offered a new round of potential concessions on Monday, December 12, in an attempt to smooth the passage of their proposed merger. In a late night proposal on Monday, the two organizations proposed selling all of the European equity derivatives business that is currently run by NYSE Liffe. http://bit.ly/teakzP German regulator states its proposals for potential NYSE-Deutsche Boerse deal A German regulator recently requested an alteration to the terms of the proposed merger between the New York Stock Exchange and Deutsche Boerse based on worries of how their operations could be impacted by the transaction. The Hessian Ministry of Economy has the ability to both revoke the operating license of Deutsche Boerse and also prohibit the exchange operator from making any alterations to the resulting ownership structure that would come from combining the exchange operator with NYSE Euronext. http://bit.ly/tUhYaD DECEMBER 13, 2011 DECEMBER 20, 2011 NYSE and Deutsche Boerse offer to cap derivatives fees for 3 years They have proposed capping fees on their derivatives transactions for the next 3 years in an attempt to appease European Commission officials who are holding up the merger of the two giants. This latest offer was proposed after a series of proposals made in November failed to appease the concerns of the proper regulators that combining the two exchange operators would be detrimental to competition. The proposals made in December were criticized as being too small. http://bit.ly/rHoSm6 DOJ approves Deutsche Boerse-NYSE Euronext merger The deal is conditional upon the International Securities Exchange, which is a subsidiary of Deutsche Boerse, selling its 31.5 percent stake in Direct Edge. The interest in Direct Edge, which is the United States' fourth-largest exchange operator, must be divested within the next two years. DECEMBER 22, 2011 http://bitly/ut0220 APPROVED DECEMBER 28, 2011 Deutsche Boerse and NYSE Euronext extend merger deadline They announced that they will extend the deadline for their merger to March 31 as they wait to see whether proposed concessions will satisfy European regulators. http://bitly/ze0A7Z Google Trends was used to generate the average worldwide traffic of "NYSE." The horizontal axis indicates the month, and the verticle axis indicates Google's Search Volume index. Google Trends analyzes a portion of Google web searches to compute how many searches have been done for the terms entered. All news articles were from FINCAD Derivatives News site (http://derivative-news.fincad.com). FINCAD 2011. www.fincad.com THE LEAD UP TO NYSE AND DEUTSCHE BOERSE MERGER FINCAD The U.S. Department of Justice has approved the merger of two exchange operators Deutsche Boerse and NYSE Euronext. An overview of the media reports leading up to the merger. The Future of Financial Analytics Date news article was published Google trends: "NYSE" (Search Volume index) 1.00 2.00 -- AUG AUGUST 1, 2011 British financial sector worried about Deutsche Boerse merger British financial sector is worried that combining most of the European derivatives market under the German Deutsche Boerse could have long-term implications for its place in the industry. Xavier Rolet said that shifting clearing services and the headquarters of the exchanges to Frankfurt, Germany, could ultimately drain some of London's financial clout. The country has little sway over continental policies in the sector despite controlling roughly two-thirds of all financial activity in Europe. http://bit.ly/rCWR2 -- SEP SEPTEMBER 8, 201 Proposed merger between NYSE and Deutsche Boerse breaks stock market rules A law professor has recently issued a legal opinion which states that the proposed merger of Deutsche Boerse and NYSE breaks German exchange rules and should therefore be blocked by regulators. The merger would create the world's largest exchange for stocks, derivatives and bonds. http://bit.ly/sLYNg6 NYSE Euronext expects objections from EU New York Stock Exchange (NYSE) Euronext announced on October 4 that it won't be surprised if the European Union (EU) objects to its proposed merger with Deutsche Boerse. Two sources close to the matter have informed The Montreal Gazzette that EU officials plan to formally state their objections to the proposed merger this week. Two sources speaking with Reuters stated the same OCTOBER 4, 2011 OCT officials would object to the transaction this week. http://bitly/ve3gHK NYSE and D. Boerse have four weeks to OCTOBER 12, 2011 reply to European Commission objections Deutsche Boerse and the New York Stock Exchange (NYSE) have four weeks to reply to a statement of objections that was recently sent by the European Commission, a source familiar with the matter told Reuters. The NYSE agreed to be acquired by the German exchange in February. If approved, the merger would create the world's largest exchange for equities and derivatives. http://bitly/tTxvaH NYSE Euronext and Deutsche Boerse sell NOVEMBER 03, 2011 -- NOV merger as means of managing systemic risk With negotiations for potential concessions scheduled to begin next week, NYSE Euronext and Deutsche Boerse are pitching their proposed merger to regulators as a means of managing systemic risk. NYSE Euronext CEO Duncan Niederauer has stated that officials from the two exchanges will meet with members of the European Union Competition Commission's case team that have been tasked with evaluating the proposed transaction. http://bit.ly/ugzy71 DECEMBER 06, 2011 Deutsche Boerse and NYSE Euronext will need to sell assets for merger to be cleared by EU SALE The two exchange operators will need to sell further assets for the transaction to go through. Combining the two firms without forcing them to divest some of their assets would create monopolies in both the clearing and derivatives. http://bit.ly/ITA92Y Proposed Deutsche Boerse NYSE merger faces more challenges * After the latest round of proposals failed to generate a favorable response from the officials, the exchange operators are considering additional measures that could be used to ensure that the merger is cleared. The two companies most recently proposed divesting overlapping portions of their European derivatives business and DECEMBER 07, 2011 letting competitors access the Eurex clearinghouse. http://bit.ly/viac7v -- DEC Deutsche Boerse and NYSE propose new DECEMBER 13, 2011 solutions to enable merger They offered a new round of potential concessions on Monday, December 12, in an attempt to smooth the passage of their proposed merger. In a late night proposal on Monday, the two organizations proposed selling all of the European equity derivatives business that is currently run by NYSE Liffe. http://bit.ly/teakzP German regulator states its proposals for potential NYSE-Deutsche Boerse deal A German regulator recently requested an alteration to the terms of the proposed merger between the New York Stock Exchange and Deutsche Boerse based on worries of how their operations could be impacted by the transaction. The Hessian Ministry of Economy has the ability to both revoke the operating license of Deutsche Boerse and also prohibit the exchange operator from making any alterations to the resulting ownership structure that would come from combining the exchange operator with NYSE Euronext. http://bit.ly/tUhYaD DECEMBER 13, 2011 DECEMBER 20, 2011 NYSE and Deutsche Boerse offer to cap derivatives fees for 3 years They have proposed capping fees on their derivatives transactions for the next 3 years in an attempt to appease European Commission officials who are holding up the merger of the two giants. This latest offer was proposed after a series of proposals made in November failed to appease the concerns of the proper regulators that combining the two exchange operators would be detrimental to competition. The proposals made in December were criticized as being too small. http://bit.ly/rHoSm6 DOJ approves Deutsche Boerse-NYSE Euronext merger The deal is conditional upon the International Securities Exchange, which is a subsidiary of Deutsche Boerse, selling its 31.5 percent stake in Direct Edge. The interest in Direct Edge, which is the United States' fourth-largest exchange operator, must be divested within the next two years. DECEMBER 22, 2011 http://bitly/ut0220 APPROVED DECEMBER 28, 2011 Deutsche Boerse and NYSE Euronext extend merger deadline They announced that they will extend the deadline for their merger to March 31 as they wait to see whether proposed concessions will satisfy European regulators. http://bitly/ze0A7Z Google Trends was used to generate the average worldwide traffic of "NYSE." The horizontal axis indicates the month, and the verticle axis indicates Google's Search Volume index. Google Trends analyzes a portion of Google web searches to compute how many searches have been done for the terms entered. All news articles were from FINCAD Derivatives News site (http://derivative-news.fincad.com). FINCAD 2011. www.fincad.com

The Lead Up to NYSE and Deutsche Boerse Merger

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The U.S. Department of Justice has approved the merger of two exchange operators Deutsche Boerse and NYSE Euronext. An overview of the media reports leading up to the merger are summarized. With the u...

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