German exchange operator Deutsche Boerse AG (DB1.XE) said Monday Germany's financial services regulator BaFin has approved the merger of Deutsche Boerse and NYSE Euronext (NYX).

"BaFin's overall conclusion was that there are no grounds against the merger in Germany in terms of banking supervisory regulations," the company said in a statement.

The deal remains subject to further approvals by European antitrust authorities as well as by exchange supervisory authorities.

NYSE Euronext and Deutsche Boerse agreed to merge in February and secured shareholder support for the deal in July. The European antitrust review remains the biggest hurdle to the deal, which the companies still see closing by year-end.

-By Neetha Mahadevan, Dow Jones Newswires; +49 69 2972 5507; neetha.mahadevan@dowjones.com

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