Deutsche Börse Throws a Curve

FRONT PAGE: NEWS ANALYSIS

PARIS—A takeover of Euronext by the New York Stock Exchange (NYSE), while favored by the European exchange operator, is still being challenged by Deutsche Börse. If successful, a Euronext-Deutsche Börse merger would lead to a vastly different configuration for transaction and IT platforms.

Officials at the German exchange released their plans for a merger with Euronext that would see "the integration and harmonization of the trading infrastructures of Deutsche Börse and Euronext [that] would

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