EU Blocks NY-Frankfurt Stock Exchange Merger

 　　European Union regulators have blocked the planned merger¹ of the New York and Frankfurt stock exchanges, a $10 billion deal that would have created the world's largest financial market operator.

　　The EU's Competition Commissioner², Joaquin Almunia, said Wednesday the proposed deal between the owners of the New York Stock Exchange and the Deutsche Boerse exchange in Frankfurt was rejected because it would have created an unfair, near-monopoly in the trading of European derivatives⁴. They are complex financial securities in which investors⁵ bet on the fluctuations⁶ in the value of such underlying⁷ assets as stocks, commodities and currencies.

　　Almunia said the new, combined exchange would have controlled 90 percent of the European derivative³ trading, which he said was not acceptable. He described trading in such securities as "at the heart of the financial system" and that it was crucial for the European economy that there be competition for the transactions.

　　The Wall Street exchange, often deemed the face of American capitalism⁸, and Deutsche Boerse had announced the planned merger with great fanfare⁹ nearly a year ago, saying they needed to combine to save money and to offer their financial securities to a wider range of investors.

　　Deutsche Boerse's chief executive, Reto Francioni, called the EU's rejection¹⁰ of the merger "a black day for Europe and its global competitiveness on financial markets."

　　The operator of the New York exchange, NYSE Euronext, and the Frankfurt exchange said they are discussing how to call off the proposed merger.

　　Financial analysts¹¹ say the New York exchange is now likely to look for merger deals with smaller exchanges.

　　Some stock exchange mergers¹² throughout the world have won regulatory approval. But several have been rejected as well, for the same reason as in the New York-Frankfurt case, that the combination would limit competition in the trading of securities.

1 merger   

n.企业合并，并吞

参考例句：

• Acceptance of the offer is the first step to a merger.对这项提议的赞同是合并的第一步。
• Shareholders will be voting on the merger of the companies.股东们将投票表决公司合并问题。

2 commissioner   

n.（政府厅、局、处等部门）专员，长官，委员

参考例句：

• The commissioner has issued a warrant for her arrest.专员发出了对她的逮捕令。
• He was tapped for police commissioner.他被任命为警务处长。

3 derivative   

n.派(衍)生物；adj.非独创性的，模仿他人的

参考例句：

• His paintings are really quite derivative.他的画实在没有创意。
• Derivative works are far more complicated.派生作品更加复杂。

4 derivatives   

n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数

参考例句：

• Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
• These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句

5 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

6 fluctuations   

波动，涨落，起伏( fluctuation的名词复数 )

参考例句：

• He showed the price fluctuations in a statistical table. 他用统计表显示价格的波动。
• There were so many unpredictable fluctuations on the Stock Exchange. 股票市场瞬息万变。

7 underlying   

adj.在下面的，含蓄的，潜在的

参考例句：

• The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
• This word has its underlying meaning.这个单词有它潜在的含义。

8 capitalism   

n.资本主义

参考例句：

• The essence of his argument is that capitalism cannot succeed.他的论点的核心是资本主义不能成功。
• Capitalism began to develop in Russia in the 19th century.十九世纪资本主义在俄国开始发展。

9 fanfare   

n.喇叭；号角之声；v.热闹地宣布

参考例句：

• The product was launched amid much fanfare worldwide.这个产品在世界各地隆重推出。
• A fanfare of trumpets heralded the arrival of the King.嘹亮的小号声宣告了国王驾到。

10 rejection   

n.拒绝，被拒，抛弃，被弃

参考例句：

• He decided not to approach her for fear of rejection.他因怕遭拒绝决定不再去找她。
• The rejection plunged her into the dark depths of despair.遭到拒绝使她陷入了绝望的深渊。

11 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

12 mergers   

n.（两个公司的）合并( merger的名词复数 )

参考例句：

• Mergers fall into three categories: horizontal, vertical, and conglomerate. 合并分为以下三种：横向合并，纵向合并和混合合并。 来自辞典例句
• Many recent mergers are concentrated within specific industries, particularly in retailing, airlines and communications. 现代许多合并企业集中进行某些特定业务，在零售业、民航和通讯业中更是如此。 来自英汉非文学 - 政府文件