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鈥檚 blocked acquisition of NYX, and the London Stock Exchange鈥檚 failed takeover of Canada鈥檚 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.