Britain's Competition Commission gave a green light yesterday to proposed takeovers of the London Stock Exchange (LSE) by the German Deutsche Boerse or the pan-European market Euronext, but attached conditions.
Unveiling the findings of a probe into the impact of possible tie-ups, the Competition Commission said it would allow a merger with either of the foreign markets -- but repeated that such a change would hinder competition in the British share trading market.
Each potential buyer would have to take steps to reduce their influence over post-trade clearing services providers "to ensure the independence of the LSE's clearing provider," the report said.
"Either merger would make it more difficult for other exchanges to compete with LSE in trading UK equities due to both bidders direct control or influence over the provision of clearing services," it added.
Repeating its preliminary findings from July, the CC said that "the proposed acquisition of LSE by either Deutsche Boerse or Euronext would substantially lessen competition."
The watchdog ordered Euronext to reduce its stake in the LSE's current clearing service provider, LCH.Clearnet, from 41.5 percent to no more than 14.9 percent.
It also said that Euronext's representation on the LCH.Clearnet board should be limited to one seat.
The regulator also said that Deutsche Boerse would have to reduce its stake in wholly-owned clearing services unit, Eurex Clearing, to 14.9 percent if it tried to appoint the company as the LSE's clearing services provider after a successful takeover.
The panel had already stated in July that competition would be harmed because each of the possible suitors owned or controlled clearing services.
AIR DEFENSE: The Norwegian missile system has proved highly effective in Ukraine in its war against Russia, and the US has recommended it for Taiwan, an expert said The Norwegian Advanced Surface-to-Air Missile Systems (NASAMS) Taiwan ordered from the US would be installed in strategically important positions in Taipei and New Taipei City to guard the region, the Ministry of National Defense said in statement yesterday. The air defense system would be deployed in Taipei’s Songshan District (松山) and New Taipei City’s Tamsui District (淡水), the ministry said, adding that the systems could be delivered as soon as the end of this year. The US Defense Security Cooperation Agency has previously said that three NASAMS would be sold to Taiwan. The weapons are part of the 17th US arms sale to
INSURRECTION: The NSB said it found evidence the CCP was seeking snipers in Taiwan to target members of the military and foreign organizations in the event of an invasion The number of Chinese spies prosecuted in Taiwan has grown threefold over a four-year period, the National Security Bureau (NSB) said in a report released yesterday. In 2021 and 2022, 16 and 10 spies were prosecuted respectively, but that number grew to 64 last year, it said, adding that the Chinese Communist Party (CCP) was working with gangs in Taiwan to develop a network of armed spies. Spies in Taiwan have on behalf of the CCP used a variety of channels and methods to infiltrate all sectors of the country, and recruited Taiwanese to cooperate in developing organizations and obtaining sensitive information
BREAKTHROUGH: The US is making chips on par in yield and quality with Taiwan, despite people saying that it could not happen, the official said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has begun producing advanced 4-nanometer (nm) chips for US customers in Arizona, US Secretary of Commerce Gina Raimondo said, a milestone in the semiconductor efforts of the administration of US President Joe Biden. In November last year, the commerce department finalized a US$6.6 billion grant to TSMC’s US unit for semiconductor production in Phoenix, Arizona. “For the first time ever in our country’s history, we are making leading edge 4-nanometer chips on American soil, American workers — on par in yield and quality with Taiwan,” Raimondo said, adding that production had begun in recent
Seven hundred and sixty-four foreigners were arrested last year for acting as money mules for criminals, with many entering Taiwan on a tourist visa for all-expenses-paid trips, the Criminal Investigation Bureau (CIB) said on Saturday. Although from Jan. 1 to Dec. 26 last year, 26,478 people were arrested for working as money mules, the bureau said it was particularly concerned about those entering the country as tourists or migrant workers who help criminals and scammers pick up or transfer illegally obtained money. In a report, officials divided the money mules into two groups, the first of which are foreigners, mainly from Malaysia
RSS