EU Blocks LSE-Deutsche Boerse Merger Amid Brexit Jitters

BRUSSELS, , (UrduPoint / Pakistan Point News - 29th Mar, 2017 ) - The EU blocked the blockbuster merger of the London Stock Exchange with Germany's Deutsche Boerse on Wednesday, snagged by competition concerns and the fallout from Brexit.

The decision was widely expected after the LSE last month said it had refused the European Commission's request to divest its majority stake in Italian trading platform MTS.

The EU's veto came on the day that Britain was to officially trigger its divorce process from the EU in which the fate of the London finance hub is a major concern.

"As the parties failed to offer the remedies required to address our competition concerns, the commission has decided to prohibit the merger," said EU Competition Commissioner Margrethe Vestager. The commission said the sale of MTS would have prevented a monopoly in the trading of bonds and provided a "clear cut remedy to meet these concerns."