Deutsche Börse/London Stock Exchange

In the highly complex and controversial transaction between Deutsche Börse and London Stock Exchange, being the largest national stock exchanges of Germany and the United Kingdom, Prof. Kühn acted on behalf of an intervener to show that the merger between the parties would lead to anticompetitive effects in the settlement market. In a thorough Phase 2 review by the European Commission, the transaction was found to be incompatible with the internal market and therefore blocked.