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Details of a proposed regulatory structure have been outlined in a joint filing - under the name Nyse Euronext - with the US Securities and Exchange Commission. Euronext's financial statements were restated for the first time using US GAAP accounting procedures in the filing.
In the 750-page document, Nyse and Euronext have responded to increasing concerns about how much power US regulators would have over the Euronext's pan-European business if the deal were to go ahead.
According to the filing, Euronext will have a Dutch foundation for its markets to prevent US regulators from affecting rules for listing stock in European countries. In the same way Nyse will create a three-person Delaware trust to ensure that no European laws affect how US companies are regulated.
The document also describes events leading up to Nyse's bid, including a meeting in January between NYSE CEO John Thain and Jean-Francois Theodore, the head of Euronext, where the two discussed a merger to create 'the first truly global exchange' with broad international reach, diverse product offerings and leading technology.
Euronext shareholders are due to vote on a proposed takeover by the New York Stock Exchange in December. The European exchange agreed a $10 billion - or EUR7.8 bn - deal from Nyse in May, ousting a rival bid by Deutsche Börse.
Although the deal still requires approval from Euronext shareholders, the filing was seen by analysts as a 'significant step' in completing the merger.
The filing follows remarks from German finance minister Peer Steinbrueck that Deutsche Börse should not pursue a merger with Euronext 'at any price'. The German exchange is still hoping to pursue a tie-up with Euronext and some analysts reportedly think the Börse may be prepared to do almost anything to prevent a Nyse/Euronext merger.
In a separate move, earlier this week Massimo Capuano, the chief executive of Borsa Italiana, outlined a EUR21.5bn proposal to merge the Italian market with Euronext and Deutsche Börse to create a pan-European super exchange.
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750pp