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NYSE, Deutsche Boerse call off merger on EU block

NYSE, Deutsche Boerse call of merger after block from EU By The Associated Press

NEW YORK (AP) ' The New York Stock Exchange and German exchange Deutsche Boerse have called off their planned merger, a day after the European Union said it would block the union because of concerns about a monopoly.

The two exchanges announced in February 2011 that they would merge in a $10 billion deal. But the European Commission, the EU's executive body, said the combined company would control 90 percent of the trading of some financial products in Europe.

The European decision was a blow to Deutsche Boerse AG and NYSE Euronext, the NYSE's parent company. They had hoped to compete better with other large exchanges in the U.S. and Asia.

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