EU restarts probe into London Stock Exchange-Refinitiv merger

The European Commission has restarted an investigation into the $27bn (£20bn) merger between the London Stock Exchange Group and information provider Refinitiv, with a result expected by 16 December.

The investigation into the tie-up, which kicked off in June, was halted in July while the Commission waited for the pair to provide information that it had requested.

The Commission had said it was concerned that bringing together LSE and Refinitiv’s respective trading and clearing activities and financial data products could give the combined entity undue market power.

The trading of European government bonds was one area the Commission said it had concerns about. It also flagged the potential market dominance that could be gained in the trading and clearing of interest-rate derivatives.

LSE is exploring a sale of Italian stock exchange Borsa Italiana, which it bought in 2007 for €1.6bn. It may make other concessions to try and steer the deal through.

Last year the exchange agreed to acquire financial information and terminal business Refinitiv from a Blackstone-led consortium, in a bold bet on the growing demand for market data. The deal would place the UK-based exchange operator in direct competition with industry heavyweight Bloomberg.

To contact the author of this story with feedback or news, email James Booth

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