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The Commission's decision did not come as a surprise as last month a case team recommended the merger should be blocked, citing the combined exchange's dominance in the trading of key derivatives. But the two companies argued that the vast majority of derivatives are traded directly between banks and other investors, or over the counter, rather than on exchanges and the Commission should have taken that into account in its decision. The Commission asked the two exchanges to sell one of their successful derivatives trading platforms
-- Deutsche Boerse's Eurex or NYSE's Liffe -- to make the merger acceptable, but the companies refused. The German exchange announced nearly a year ago that it was looking to buy NYSE Euronext for $10 billion. NYSE Euronext owns bourses in Paris, Lisbon, Brussels and Amsterdam, in addition to New York.
[Associated
Press;
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