With respect to European single equity derivatives, the notifying parties have proposed to divest the portions of their respective businesses in which they overlap. NYSE Euronext would divest its pan-European single equity derivatives business, including Bclear, except the options businesses in its home markets, where Deutsche BÃ¶rse would divest its respective business. This remedy addresses DG Competitionâs stated concerns in the area of single equity derivatives.
With respect to European interest rate and equity index derivatives, Deutsche BÃ¶rse and NYSE Euronext propose to grant unprecedented third-party access to Eurex Clearing for derivatives product innovations taking advantage of the merged entities clearing services. The clearing services would be provided on a fair, reasonable and non-discriminatory basis and include cross margining.
Deutsche BÃ¶rse and NYSE Euronext continue to believe that the transaction will have no detrimental effect on competition, but rather will enhance it by delivering a regulated, stable and transparent European counterweight to established market centers in America and Asia and delivering significant efficiencies to users of our markets.
In accordance with the EU Merger Regulation, the timing of yesterdayâs submission will automatically extend DG Competitionâs review period by 15 working days. Under the revised timetable, DG Competition is now set to complete its review by January 23, 2012, and the parties would anticipate closing shortly thereafter in early 2012. The Parties look forward to continuing to work with the Commission to successfully complete the transaction.