NYX Nyse Euronext

The head of the European Union's competition watchdog said Tuesday evening that "competition between exchanges is needed" as the E.U. prepares to deliver a decision on the proposed merger of Europe's two biggest exchange companies.

E.U. competition chief Joaquin Almunia noted the E.U. had raised concerns around the planned merger of NYSE Euronext and Deutsche Boerse and would be adopting a decision on the case "soon."

"By now all of you are aware that the European Commission has raised preliminary concerns in the announced merger between two large exchanges in the E.U., and it has launched an in-depth investigation that is still ongoing," said Almunia.

Almunia added "in this case as in others, the Commission will seek to ensure that European markets remain fair, efficient and therefore competitive to the advantage of their users."

The E.U. case team examining the $17 billion combination last week recommended the E.U. block the deal, on the grounds it would create a monopoly in exchange-traded futures and options contracts. Together NYSE Euronext and Deutsche Boerse are estimated to control approximately 93% of such business, though their total has been noted to be smaller than the much-larger market in derivatives traded off exchanges.

-By Matina Stevis, Dow Jones Newswires; +32 (0)2 741 1 483; matina.stevis@dowjones.com

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