Jurisdiction(s):
United Kingdom

Key definition

London Stock Exchange definition

What does London Stock Exchange mean? In practice, “London Stock Exchange” refers to the marketplace operated by London Stock Exchange plc where equity and debt securities are admitted to trading and traded. Lawyers use it chiefly to distinguish between the Main Market (a UK regulated market) and AIM (a multilateral trading facility with a lighter, disclosure‑driven regime). London Stock Exchange plc is a Recognised Investment Exchange under Part XVIII of the Financial Services and Markets Act 2000. The expression itself is descriptive; the relevant legal concepts are defined in FSMA, the UK Markets in Financial Instruments framework and the Exchange’s rulebooks. Key legal features and significance: - Main Market...

EU merger control: European Commission prohibits Deutsche Börse–LSE merger over fixed-income clearing monopoly; remedies inadequate (M.7995, 2017)

Published by a LexisNexis Competition expert

Practice notes

CASE HUB ARCHIVED

This archived case hub captures the position as at the 29 March 2017 decision date; it is not maintained. See also timeline, commentary and related cases.

Case facts

Overview of the European Commission’s merger inquiry into the proposed combination of Deutsche Börse AG and London Stock Exchange Group plc (Case M.7995). The deal featured horizontal overlaps across several segments within financial market Infrastructure.

Latest developments

On 29 March 2017, the Commission prohibited the transaction. It found the tie-up would lead to a De facto Monopoly in the clearing of fixed income instruments. The parties’ proposed remedies did not sufficiently address the Commission’s concerns.

Parties

Deutsche Börse AG (DB), a Germany‑based diversified financial market infrastructure organisation. It runs the Frankfurt Stock Exchange, a regulated marketplace for trading shares, bonds and other financial instruments. It also operates exchanges including Eurex and EEX. Its non‑trading services span clearing, settlement and custody, plus market data, indices and other information products.
London Stock Exchange Group plc (LSE), a UK‑based financial infrastructure group. It operates the London Stock Exchange and the Borsa Italiana...

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