We can confirm that we have received a Statement of Objections from the European Commission. The Statement of Objections is a normal step in a second phase merger procedure. It sets out a provisional position of the Commission and does not prejudge the final outcome of the case.
We continue to strongly believe that our combination provides substantial capital and cost savings to users; advances the goal of a unified, liquid EU capital market for raising money and managing risk; and does not materially alter the competitive landscape.
We have worked closely with the European Commission during this process, and we look forward to continuing our open and constructive discussions as we work to complete the transaction by the end of this year.