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NYSE Euronext and Deutsche Börse AG confirmed that they have submitted revised remedies to the European Commission’s Directorate-General for Competition (DG Competition).
In summary, the parties have strengthened their original proposal with respect to European single equity derivatives by increasing the assets to be included in the divestiture, and to provide the purchaser of that business with an option to access Eurex Clearing for single equity derivatives products. The parties have also improved the coverage of their clearing access remedy for innovative equity index and interest rate derivatives. In addition, the parties committed to license the Eurex trading system to a third party interested in launching interest rate derivatives.
In consultation with the Commission, the parties have agreed to an extension for the thirteen (13) remaining Commission working days available under the European Commission’s review process, which will provide the Commission with adequate time to evaluate the revised submission properly.
Under the revised timetable, the European Commission is now set to complete its review by February 9, 2012, and the parties would anticipate closing shortly thereafter in early 2012.
The Parties look forward to continuing to work with the Commission to complete the transaction successfully.