Policy Paper: “Financial Exchange Mergers: European and North American Experiences”

Policy Paper: “Financial Exchange Mergers: European and North American Experiences”

Policy Paper (March 2013) By Matthew Gravelle, Doctoral Candidate, University of British Columbia

The last decade has seen a wave of mergers and acquisitions in the financial exchange industry. This policy paper looks at two recent, high-profile merger proposals that failed : DB’s blocked acquisition of NYX, and the London Stock Exchange’s failed takeover of Canada’s TMW INC. Based on the political lessons learned from this attempt, this paper identifies the common challenges facing regulators and stakeholders across the two cases analysed here, and suggests a forward research agenda.

 

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