EC right to block Deutsche Börse-NYSE Euronext deal – Icap's Spencer

Allowing the German and US exchanges to merge would have created a monopoly in European futures markets, says Icap’s chief executive – who also criticises CME Group's dominance of US futures

New takeover rules present a roadblock

Europe's decision to block the proposed merger of NYSE Euronext and Deutsche Börse is the right one, according to Michael Spencer, chief executive of interdealer broker Icap.

"I think the European Commission [EC] would be doing exactly the right thing if it decides to block the NYSE Euronext-Deutsche Börse merger," he told Risk in an exclusive interview before the decision had been announced. "It would create another monopoly in financial futures in Europe, in the same way that CME Group is a

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