NYX Nyse Euronext

Europe cannot compete in global financial markets due to its "scattered exchange landscape," Manfred Gentz, supervisory board chairman of Deutsche Boerse AG (DB1.XE), said Tuesday, in a strong move to advocate the merger plans with U.S. peer NYSE Euronext (NYX).

"It is neither megalomania nor the aim to dominate while disregarding competition, if we fight for the merger of this company [Deutsche Boerse] and NYSE Euronext," Gentz told an audience at Deutsche Boerse's new year's reception. "Today, markets must be viewed globally, not on a national, local or regional level," Gentz said.

He added that the planned merger will create a strong European exchange that together with a strong U.S. partner will be able to compete in other regions of the world.

Both exchange operators are currently awaiting the verdict of the European Union on the merger plans. The EU, the main hurdle for the $17 billion deal, announced last February, will make a decision in early February. If antitrust concerns dominate the decision, it will likely block the merger.

Among others, EU Competition Chief Joaquin Almunia has criticized the would-be merged company's market dominance in the Europe-listed derivatives business, in which it would have a combined market share of about 93%.

-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500; ulrike.dauer@dowjones.com

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