NYX Nyse Euronext

Deutsche Boerse AG (DB1.XE, DBOEF) and NYSE Euronext (NYX) have agreed to extend the deadline for completing their planned merger until March 31 while European competition authorities continue an in-depth probe of the deal.

The agreement struck in February allowed the partners to walk away if the merger isn't completed by the end of the year. The extension has been forced by an investigation by the European Union that has led some investors and analysts to caution that the deal could still collapse.

The exchange operators have said they remain committed to a combination that would create a global market leader in stock and derivatives trading, but revealed the extension to their closing plans in a filing with the Securities and Exchange Commission.

Shareholders and U.S. antitrust authorities have cleared the merger, while EU officials are now seen making a final decision by Feb. 9, having already pushed back the target twice as they continue talks over potential divestitures and canvass rivals and customers on the potential impact of the merger. The exchanges had originally hoped to secure clearance by mid-December.

The companies' combined European derivatives markets are the focus of the antitrust probe. Together NYSE Euronext and Deutsche Boerse control about 90% of exchange-based trading in futures and options contracts linked to key European interest rates and stock indexes.

The prospective merger partners had pressed for regulators to view the businesses in the context of the much larger market in derivatives that are traded off-exchange, including swaps and forward agreements, but EU antitrust officials have restricted their view to exchange-traded markets.

-By Jacob Bunge, Dow Jones Newswires; 312-750-4117; jacob.bunge@dowjones.com

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