CHICAGO Merger partners Deutsche Boerse AG (DB1Gn.DE) and NYSE Euronext NYX.N have until November 8 to formally address the European Commission's specific concerns over their $9 billion deal, according to a source familiar with the time table.
Officials at the exchange operators are now still reading and analyzing the document, known as the "statement of objections," that European Union antitrust regulators sent to them on October 5, said the source, who wasn't authorized to speak publicly.
The German exchange agreed to buy the Big Board parent in February, a transaction that would create the world's largest market operator.
The EU antitrust review got underway this summer and could continue through the rest of the year as regulators decide whether to allow the companies to combine their Eurex and Liffe venues to take a strangle hold on exchange-based European derivatives trading.
Regulators are expected to look only at exchange-traded derivatives rather than including the broader over-the-counter derivatives market, separate sources told Reuters on Monday. A narrow view of the market could make it more difficult for the deal to win regulatory approval.
At a Futures Industry Association conference here on Tuesday, a top NYSE Euronext executive said the combination will create a European "champion" that will deliver savings to hedge funds and other market users.
"We have to show value to end-users," Garry Jones, who runs NYSE's global derivatives business, told the conference.
The deal between the two derivatives giants will deliver as much as $4 billion in savings on margins, he said, while also pledging that the merged company will not use its bigger size to raise prices.
(Editing by Maureen Bavdek and Steve Orlofsky)