# Official Journal C 254/2014

| | ISSN 1977-091X |
| --- | --- |
| Official Journal
  of the European Union | C 254 |
| | |
| English edition | Information and Notices | Volume 575 August 2014 |

ISSN 1977-091X

Official Journal

of the European Union

C 254

English edition

Information and Notices

Volume 575 August 2014

---

| Notice No | Contents | page |
| --- | --- | --- |
| | II   Information |
| | INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES |
| | European Commission |
| 2014/C 254/01 | Non-opposition to a notified concentration (Case M.7298 — UNIQA Insurance Group / UNIQA Life) (
  1
  ) | 1 |
| 2014/C 254/02 | Non-opposition to a notified concentration (Case M.7247 — Fresenius SE & Co/Sistema JSFC/JV) (
  1
  ) | 1 |

Notice No

Contents

page

II   Information

INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES

European Commission

2014/C 254/01

Non-opposition to a notified concentration (Case M.7298 — UNIQA Insurance Group / UNIQA Life) (
  1
  )

1

1

2014/C 254/02

Non-opposition to a notified concentration (Case M.7247 — Fresenius SE & Co/Sistema JSFC/JV) (
  1
  )

1

1

| | IV   Notices |
| --- | --- |
| | NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES |
| | European Commission |
| 2014/C 254/03 | Euro exchange rates | 2 |
| 2014/C 254/04 | Opinion of the Advisory Committee on mergers given at its meeting of 17 January 2012 regarding a draft decision relating to Case M.6166 — Deutsche Börse/NYSE Euronext — Rapporteur: UK | 3 |
| 2014/C 254/05 | Final Report of the Hearing Officer — Deutsche Börse/NYSE Euronext (M.6166) | 4 |
| 2014/C 254/06 | Summary of Commission Decision of 1 February 2012 declaring a concentration incompatible with the internal market and the functioning of the EEA Agreement (Case M.6166 — Deutsche Börse/NYSE Euronext) (notified under document C(2012) 440 final)
   (
  1
  ) | 8 |
| | NOTICES FROM MEMBER STATES |
| 2014/C 254/07 | Information communicated by Member States regarding closure of fisheries | 19 |

IV   Notices

NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES

European Commission

2014/C 254/03

Euro exchange rates

2

2014/C 254/04

Opinion of the Advisory Committee on mergers given at its meeting of 17 January 2012 regarding a draft decision relating to Case M.6166 — Deutsche Börse/NYSE Euronext — Rapporteur: UK

3

2014/C 254/05

Final Report of the Hearing Officer — Deutsche Börse/NYSE Euronext (M.6166)

4

2014/C 254/06

Summary of Commission Decision of 1 February 2012 declaring a concentration incompatible with the internal market and the functioning of the EEA Agreement (Case M.6166 — Deutsche Börse/NYSE Euronext) (notified under document C(2012) 440 final)
   (
  1
  )

(notified under document C(2012) 440 final)

1

8

NOTICES FROM MEMBER STATES

2014/C 254/07

Information communicated by Member States regarding closure of fisheries

19

| | Corrigenda |
| --- | --- |
| 2014/C 254/08 | Corrigendum to Update of the list of residence permits referred to in Article 2(15) of Regulation (EC) No 562/2006 of the European Parliament and of the Council establishing a Community Code on the rules governing the movement of persons across borders (Schengen Borders Code) (OJ C 247, 13.10.2006, p. 1; OJ C 153, 6.7.2007, p. 5; OJ C 192, 18.8.2007, p. 11; OJ C 271, 14.11.2007, p. 14; OJ C 57, 1.3.2008, p. 31; OJ C 134, 31.5.2008, p. 14; OJ C 207, 14.8.2008, p. 12; OJ C 331, 31.12.2008, p. 13; OJ C 3, 8.1.2009, p. 5; OJ C 64, 19.3.2009, p. 15; OJ C 198, 22.8.2009, p. 9; OJ C 239, 6.10.2009, p. 2; OJ C 298, 8.12.2009, p. 15; OJ C 308, 18.12.2009, p. 20; OJ C 35, 12.2.2010, p. 5; OJ C 82, 30.3.2010, p. 26; OJ C 103, 22.4.2010, p. 8; OJ C 108, 7.4.2011, p. 6; OJ C 157, 27.5.2011, p. 5; OJ C 201, 8.7.2011, p. 1; OJ C 216, 22.7.2011, p. 26; OJ C 283, 27.9.2011, p. 7; OJ C 199, 7.7.2012, p. 5; OJ C 214, 20.7.2012, p. 7; OJ C 298, 4.10.2012, p. 4; OJ C 51, 22.2.2013, p. 6: OJ C 75, 14.3.2013, p. 8: OJ C 77, 15.3.2014, p. 4) (OJ C 118, 17.4.2014) | 20 |

Corrigenda

2014/C 254/08

Corrigendum to Update of the list of residence permits referred to in Article 2(15) of Regulation (EC) No 562/2006 of the European Parliament and of the Council establishing a Community Code on the rules governing the movement of persons across borders (Schengen Borders Code) (OJ C 247, 13.10.2006, p. 1; OJ C 153, 6.7.2007, p. 5; OJ C 192, 18.8.2007, p. 11; OJ C 271, 14.11.2007, p. 14; OJ C 57, 1.3.2008, p. 31; OJ C 134, 31.5.2008, p. 14; OJ C 207, 14.8.2008, p. 12; OJ C 331, 31.12.2008, p. 13; OJ C 3, 8.1.2009, p. 5; OJ C 64, 19.3.2009, p. 15; OJ C 198, 22.8.2009, p. 9; OJ C 239, 6.10.2009, p. 2; OJ C 298, 8.12.2009, p. 15; OJ C 308, 18.12.2009, p. 20; OJ C 35, 12.2.2010, p. 5; OJ C 82, 30.3.2010, p. 26; OJ C 103, 22.4.2010, p. 8; OJ C 108, 7.4.2011, p. 6; OJ C 157, 27.5.2011, p. 5; OJ C 201, 8.7.2011, p. 1; OJ C 216, 22.7.2011, p. 26; OJ C 283, 27.9.2011, p. 7; OJ C 199, 7.7.2012, p. 5; OJ C 214, 20.7.2012, p. 7; OJ C 298, 4.10.2012, p. 4; OJ C 51, 22.2.2013, p. 6: OJ C 75, 14.3.2013, p. 8: OJ C 77, 15.3.2014, p. 4) (OJ C 118, 17.4.2014)

20

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| | (1)   Text with EEA relevance |

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(1)   Text with EEA relevance

1

| EN | |
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EN

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II Information

INFORMATION FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES

European Commission

| 5.8.2014 | EN | Official Journal of the European Union | C 254/1 |
| --- | --- | --- | --- |

5.8.2014

EN

Official Journal of the European Union

C 254/1

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Non-opposition to a notified concentration

(Case M.7298 — UNIQA Insurance Group / UNIQA Life)

(Text with EEA relevance)

2014/C 254/01

On 30 July 2014, the Commission decided not to oppose the above notified concentration and to declare it compatible with the internal market. This decision is based on Article 6(1)(b) of Council Regulation (EC) No 139/2004 (1). The full text of the decision is available only in English language and will be made public after it is cleared of any business secrets it may contain. It will be available:

| — | in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes, |
| --- | --- |

—

in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes,

| — | in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32014M7298. EUR-Lex is the online access to the European law. |
| --- | --- |

—

in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32014M7298. EUR-Lex is the online access to the European law.

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(1)  OJ L 24, 29.1.2004, p. 1.

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| 5.8.2014 | EN | Official Journal of the European Union | C 254/1 |
| --- | --- | --- | --- |

5.8.2014

EN

Official Journal of the European Union

C 254/1

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Non-opposition to a notified concentration

(Case M.7247 — Fresenius SE & Co/Sistema JSFC/JV)

(Text with EEA relevance)

2014/C 254/02

On 2 June 2014, the Commission decided not to oppose the above notified concentration and to declare it compatible with the internal market. This decision is based on Article 6(1)(b) of Council Regulation (EC) No 139/2004 (1). The full text of the decision is available only in the English language and will be made public after it is cleared of any business secrets it may contain. It will be available:

| — | in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes, |
| --- | --- |

—

in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes,

| — | in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32014M7247. EUR-Lex is the online access to European law. |
| --- | --- |

—

in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32014M7247. EUR-Lex is the online access to European law.

---

(1)  OJ L 24, 29.1.2004, p. 1.

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IV Notices

NOTICES FROM EUROPEAN UNION INSTITUTIONS, BODIES, OFFICES AND AGENCIES

European Commission

| 5.8.2014 | EN | Official Journal of the European Union | C 254/2 |
| --- | --- | --- | --- |

5.8.2014

EN

Official Journal of the European Union

C 254/2

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Euro exchange rates (1)

4 August 2014

2014/C 254/03

1 euro =

| | Currency | Exchange rate |
| --- | --- | --- |
| USD | US dollar | 1,3422 |
| JPY | Japanese yen | 137,72 |
| DKK | Danish krone | 7,4556 |
| GBP | Pound sterling | 0,79720 |
| SEK | Swedish krona | 9,2563 |
| CHF | Swiss franc | 1,2167 |
| ISK | Iceland króna | |
| NOK | Norwegian krone | 8,4285 |
| BGN | Bulgarian lev | 1,9558 |
| CZK | Czech koruna | 27,645 |
| HUF | Hungarian forint | 313,40 |
| LTL | Lithuanian litas | 3,4528 |
| PLN | Polish zloty | 4,1716 |
| RON | Romanian leu | 4,4350 |
| TRY | Turkish lira | 2,8658 |
| AUD | Australian dollar | 1,4408 |
| CAD | Canadian dollar | 1,4660 |
| HKD | Hong Kong dollar | 10,4021 |
| NZD | New Zealand dollar | 1,5771 |
| SGD | Singapore dollar | 1,6732 |
| KRW | South Korean won | 1 386,25 |
| ZAR | South African rand | 14,3492 |
| CNY | Chinese yuan renminbi | 8,2939 |
| HRK | Croatian kuna | 7,6460 |
| IDR | Indonesian rupiah | 15 782,86 |
| MYR | Malaysian ringgit | 4,2977 |
| PHP | Philippine peso | 58,709 |
| RUB | Russian rouble | 48,0252 |
| THB | Thai baht | 43,173 |
| BRL | Brazilian real | 3,0264 |
| MXN | Mexican peso | 17,7050 |
| INR | Indian rupee | 81,7870 |

Currency

Exchange rate

USD

US dollar

1,3422

JPY

Japanese yen

137,72

DKK

Danish krone

7,4556

GBP

Pound sterling

0,79720

SEK

Swedish krona

9,2563

CHF

Swiss franc

1,2167

ISK

Iceland króna

NOK

Norwegian krone

8,4285

BGN

Bulgarian lev

1,9558

CZK

Czech koruna

27,645

HUF

Hungarian forint

313,40

LTL

Lithuanian litas

3,4528

PLN

Polish zloty

4,1716

RON

Romanian leu

4,4350

TRY

Turkish lira

2,8658

AUD

Australian dollar

1,4408

CAD

Canadian dollar

1,4660

HKD

Hong Kong dollar

10,4021

NZD

New Zealand dollar

1,5771

SGD

Singapore dollar

1,6732

KRW

South Korean won

1 386,25

ZAR

South African rand

14,3492

CNY

Chinese yuan renminbi

8,2939

HRK

Croatian kuna

7,6460

IDR

Indonesian rupiah

15 782,86

MYR

Malaysian ringgit

4,2977

PHP

Philippine peso

58,709

RUB

Russian rouble

48,0252

THB

Thai baht

43,173

BRL

Brazilian real

3,0264

MXN

Mexican peso

17,7050

INR

Indian rupee

81,7870

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(1)  Source: reference exchange rate published by the ECB.

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| 5.8.2014 | EN | Official Journal of the European Union | C 254/3 |
| --- | --- | --- | --- |

5.8.2014

EN

Official Journal of the European Union

C 254/3

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Opinion of the Advisory Committee on mergers given at its meeting of 17 January 2012 regarding a draft decision relating to Case M.6166 — Deutsche Börse/NYSE Euronext

Rapporteur: UK

2014/C 254/04

| 1. | The Advisory Committee agrees with the Commission that the notified operation constitutes a concentration within the meaning of Article 3(1)(a) of the Merger Regulation. |
| --- | --- |

1.

The Advisory Committee agrees with the Commission that the notified operation constitutes a concentration within the meaning of Article 3(1)(a) of the Merger Regulation.

| 2. | The Advisory Committee agrees with the Commission that the notified transaction has a Union dimension pursuant to Article 1 of the Merger Regulation. |
| --- | --- |

2.

The Advisory Committee agrees with the Commission that the notified transaction has a Union dimension pursuant to Article 1 of the Merger Regulation.

| 3. | The Advisory Committee agrees with the Commission’s definitions of the relevant product and geographic markets as stated in the draft decision. |
| --- | --- |

3.

The Advisory Committee agrees with the Commission’s definitions of the relevant product and geographic markets as stated in the draft decision.

| 4. | The Advisory Committee agrees with the Commission’s assessment that the notified transaction would not lead to a significant impediment of effective competition in the markets concerned in the areas of: (1) Cash Instruments; (2) Market Data and Index Licensing; (3) Information Technology Products and Services; and (4) Collateral Management. |
| --- | --- |

4.

The Advisory Committee agrees with the Commission’s assessment that the notified transaction would not lead to a significant impediment of effective competition in the markets concerned in the areas of: (1) Cash Instruments; (2) Market Data and Index Licensing; (3) Information Technology Products and Services; and (4) Collateral Management.

| 5. | The Advisory Committee agrees with the Commission’s assessment that the notified transaction, as originally proposed by the notifying parties, would lead to a significant impediment of effective competition in the following markets and this irrespective of their geographic scope:






  — | Market for existing and new European exchange-traded interest rate futures and options, irrespective of whether the effects of the transaction are analysed on a single overall market for interest rate futures and options, separate markets for short term or long term futures and options, and within these on separate markets for interest rates according to currency (euro and sterling), |
| --- | --- | --- |

5.

The Advisory Committee agrees with the Commission’s assessment that the notified transaction, as originally proposed by the notifying parties, would lead to a significant impediment of effective competition in the following markets and this irrespective of their geographic scope:

—

Market for existing and new European exchange-traded interest rate futures and options, irrespective of whether the effects of the transaction are analysed on a single overall market for interest rate futures and options, separate markets for short term or long term futures and options, and within these on separate markets for interest rates according to currency (euro and sterling),

| — | Market for existing and new European exchange-traded single stock equity futures and options, irrespective of whether the effects of the transaction are analysed on the basis of individual underlyings, all underlyings of a given nationality, or all EEA underlyings, |
| --- | --- |

—

Market for existing and new European exchange-traded single stock equity futures and options, irrespective of whether the effects of the transaction are analysed on the basis of individual underlyings, all underlyings of a given nationality, or all EEA underlyings,

| — | Market for new European exchange-traded equity index futures and options, |
| --- | --- |

—

Market for new European exchange-traded equity index futures and options,

| — | Market for off-order book services for block size European ETD contracts (irrespective of whether this market is further divided on any of the lines considered for on-book trading), and |
| --- | --- |

—

Market for off-order book services for block size European ETD contracts (irrespective of whether this market is further divided on any of the lines considered for on-book trading), and

| — | Market for trade registration, confirmation and CCP clearing services for flexible versions of European equity futures and options traded OTC. |
| --- | --- |

—

Market for trade registration, confirmation and CCP clearing services for flexible versions of European equity futures and options traded OTC.

| 6. | The Advisory Committee agrees with the Commission’s analysis of efficiencies and the conclusion that they are not of a nature to counteract the significant impediment to effective competition resulting from the notified transaction. |
| --- | --- |

6.

The Advisory Committee agrees with the Commission’s analysis of efficiencies and the conclusion that they are not of a nature to counteract the significant impediment to effective competition resulting from the notified transaction.

| 7. | The Advisory Committee agrees with the Commission that the final commitments offered by the notifying Parties on 14 December 2011 do not address the competition concerns identified by the Commission in a sufficient manner and will therefore not eliminate the significant impediment to effective competition resulting from the notified transaction. |
| --- | --- |

7.

The Advisory Committee agrees with the Commission that the final commitments offered by the notifying Parties on 14 December 2011 do not address the competition concerns identified by the Commission in a sufficient manner and will therefore not eliminate the significant impediment to effective competition resulting from the notified transaction.

| 8. | The Advisory Committee agrees with the Commission that the notified transaction must therefore be declared incompatible with the common market and the functioning of the EEA Agreement. One Member State abstains. |
| --- | --- |

8.

The Advisory Committee agrees with the Commission that the notified transaction must therefore be declared incompatible with the common market and the functioning of the EEA Agreement. One Member State abstains.

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| 5.8.2014 | EN | Official Journal of the European Union | C 254/4 |
| --- | --- | --- | --- |

5.8.2014

EN

Official Journal of the European Union

C 254/4

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Final Report of the Hearing Officer (1)

Deutsche Börse/NYSE Euronext (M.6166)

2014/C 254/05

1.   Background

| 1. | On 29 June 2011 the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation (2) by which the undertaking NYSE Euronext and Deutsche Börse (hereinafter referred to as ‘the Notifying Parties’) would enter into a full merger within the meaning of Article 3(1)(a) of the Merger Regulation. On 4 August 2011 the Commission initiated proceedings pursuant to Article 6(1)(c) of the Merger Regulation. |
| --- | --- |

1.

On 29 June 2011 the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation (2) by which the undertaking NYSE Euronext and Deutsche Börse (hereinafter referred to as ‘the Notifying Parties’) would enter into a full merger within the meaning of Article 3(1)(a) of the Merger Regulation. On 4 August 2011 the Commission initiated proceedings pursuant to Article 6(1)(c) of the Merger Regulation.

2.   Written procedure

2.1.   The statement of objections

| 2. | The Commission sent a statement of objections (the ‘SO’) to the Notifying Parties on 5 October 2011 with a deadline to respond on 19 October. |
| --- | --- |

2.

The Commission sent a statement of objections (the ‘SO’) to the Notifying Parties on 5 October 2011 with a deadline to respond on 19 October.

| 3. | The Notifying Parties expressed concerns that the deadline to submit remedies without triggering a 15 working day extension of the proceedings pursuant to Article 10(3) (i.e. before day 55) fell before the date tentatively fixed for the oral hearing. Subsequently, the Notifying Parties agreed with the Commission to an extension of the procedure by seven working days pursuant to Article 10(3), second paragraph, of the Merger Regulation. At the same time, I decided to extend the deadline to respond to the SO until the 24 October 2011, and postponed the Oral Hearing from 24 and 25 October to 27 and 28 October. |
| --- | --- |

3.

The Notifying Parties expressed concerns that the deadline to submit remedies without triggering a 15 working day extension of the proceedings pursuant to Article 10(3) (i.e. before day 55) fell before the date tentatively fixed for the oral hearing. Subsequently, the Notifying Parties agreed with the Commission to an extension of the procedure by seven working days pursuant to Article 10(3), second paragraph, of the Merger Regulation. At the same time, I decided to extend the deadline to respond to the SO until the 24 October 2011, and postponed the Oral Hearing from 24 and 25 October to 27 and 28 October.

2.2.   Access to file

| 4. | The Notifying Parties were given access to the file after the SO initially on 6 October 2011. Subsequently, the Notifying Parties were given access to the file on a regular basis until the consultation of the Advisory Committee, in line with paragraph 43 of the Merger Best Practices (3). |
| --- | --- |

4.

The Notifying Parties were given access to the file after the SO initially on 6 October 2011. Subsequently, the Notifying Parties were given access to the file on a regular basis until the consultation of the Advisory Committee, in line with paragraph 43 of the Merger Best Practices (3).

| 5. | The Notifying Parties did not make any request to me as regards access to the file. |
| --- | --- |

5.

The Notifying Parties did not make any request to me as regards access to the file.

2.3.   Applications of interested third persons

| 6. | There was an unusually high number of persons wishing to participate in the proceedings. I accepted the status of interested third persons for the following 23 undertakings and associations after they had demonstrated that they had sufficient interest in the outcome of the proceedings:
  ACCOR S.A., Association Belge des Sociétés Cotées, Association Française des Entreprises Privées, the Association for Financial Markets in Europe, The Bank of New York Mellon, BNP Paribas Arbitrage, Chi-X Europe Ltd, [CONFIDENTIAL], LCH.Clearnet Group Limited, CME Group Inc., Euroclear Group, IMC Financial Markets, ICAP Securities Limited, IntercontinentalExchange Inc., Kyte Group Limited, London Stock Exchange Group plc, Nasdaq OMX Nordic OY, L’Oreal S.A., Robeco Groep N.V., [...] (4), Solvay SA, ThromboGenics N.V., and Vlaamse Federatie van Belegginsclubs en Beleggers vzw. |
| --- | --- |

6.

There was an unusually high number of persons wishing to participate in the proceedings. I accepted the status of interested third persons for the following 23 undertakings and associations after they had demonstrated that they had sufficient interest in the outcome of the proceedings:

ACCOR S.A., Association Belge des Sociétés Cotées, Association Française des Entreprises Privées, the Association for Financial Markets in Europe, The Bank of New York Mellon, BNP Paribas Arbitrage, Chi-X Europe Ltd, [CONFIDENTIAL], LCH.Clearnet Group Limited, CME Group Inc., Euroclear Group, IMC Financial Markets, ICAP Securities Limited, IntercontinentalExchange Inc., Kyte Group Limited, London Stock Exchange Group plc, Nasdaq OMX Nordic OY, L’Oreal S.A., Robeco Groep N.V., [...] (4), Solvay SA, ThromboGenics N.V., and Vlaamse Federatie van Belegginsclubs en Beleggers vzw.

| 7. | The Notifying Parties were informed of the identity of the undertakings that had been granted interested third persons status. |
| --- | --- |

7.

The Notifying Parties were informed of the identity of the undertakings that had been granted interested third persons status.

| 8. | I rejected two requests for the status of interested third persons:






  — | The first was an application by an individual, [...] (5) Stichting NYSE Euronext. He did not demonstrate that he had sufficient interest in the outcome of the procedure within the meaning of Article 18(4) of the Merger Regulation. Furthermore, the relationship between Stichting NYSE Euronext and the Notifying Parties raised doubts as to whether [...] (6) actually was a ‘third person’ within the meaning of Article 18 of the Merger Regulation. I informed [...] (7) of my intention to reject his application and invited him to make known his views, which he did not do. I thus rejected his application by formal decision (8). |
| --- | --- | --- |

8.

I rejected two requests for the status of interested third persons:

—

The first was an application by an individual, [...] (5) Stichting NYSE Euronext. He did not demonstrate that he had sufficient interest in the outcome of the procedure within the meaning of Article 18(4) of the Merger Regulation. Furthermore, the relationship between Stichting NYSE Euronext and the Notifying Parties raised doubts as to whether [...] (6) actually was a ‘third person’ within the meaning of Article 18 of the Merger Regulation. I informed [...] (7) of my intention to reject his application and invited him to make known his views, which he did not do. I thus rejected his application by formal decision (8).

| — | The second was an application of NEVIR (the Dutch Association of Investors Relations). Based on the application, I found that the association itself had no sufficient interest in the outcome of the Commission proceeding. Further, in light of its statutes, I found that the association did not represent the interests of commercial undertakings but rather of a particular group of professionals, i.e. investor relation officers, and had serious doubts that their individual interests were sufficiently affected by the proceedings within the meaning of Article 18(4) of the Merger Regulation. I informed NEVIR of my intention to reject its application and invited it to make known its views, which it did not do. I thus rejected its application by formal decision (9). |
| --- | --- |

—

The second was an application of NEVIR (the Dutch Association of Investors Relations). Based on the application, I found that the association itself had no sufficient interest in the outcome of the Commission proceeding. Further, in light of its statutes, I found that the association did not represent the interests of commercial undertakings but rather of a particular group of professionals, i.e. investor relation officers, and had serious doubts that their individual interests were sufficiently affected by the proceedings within the meaning of Article 18(4) of the Merger Regulation. I informed NEVIR of my intention to reject its application and invited it to make known its views, which it did not do. I thus rejected its application by formal decision (9).

| 9. | A few other applicants did not maintain their initial application after they had been explained the implications of their request — most of these wanted only to attend the oral hearing as observers — or after they had been asked to further substantiate their interest. In this respect, it should be recalled that third persons showing sufficient interest have a right be heard in writing, and may only participate in the oral hearing of the parties if it is considered appropriate by the Commission, for example if they can usefully contribute to the clarification of the relevant facts of the case (10). |
| --- | --- |

9.

A few other applicants did not maintain their initial application after they had been explained the implications of their request — most of these wanted only to attend the oral hearing as observers — or after they had been asked to further substantiate their interest. In this respect, it should be recalled that third persons showing sufficient interest have a right be heard in writing, and may only participate in the oral hearing of the parties if it is considered appropriate by the Commission, for example if they can usefully contribute to the clarification of the relevant facts of the case (10).

| 10. | Among the 23 interested third persons, ten actually exercised their right to submit written comments to the Commission after having received a non-confidential version of the SO (11). |
| --- | --- |

10.

Among the 23 interested third persons, ten actually exercised their right to submit written comments to the Commission after having received a non-confidential version of the SO (11).

3.   Oral procedure

| 11. | The Notifying Parties requested an Oral Hearing, which was held on 27 and 28 October 2011 in Brussels. |
| --- | --- |

11.

The Notifying Parties requested an Oral Hearing, which was held on 27 and 28 October 2011 in Brussels.

| 12. | The following participants attended the oral hearing:






  — | the Notifying Parties and their advisers, |
| --- | --- | --- |

12.

The following participants attended the oral hearing:

—

the Notifying Parties and their advisers,

| — | the relevant Commission services, |
| --- | --- |

—

the relevant Commission services,

| — | representatives of the Member States, |
| --- | --- |

—

representatives of the Member States,

| — | a representative from the United States Department of Justice, whom I admitted to the hearing upon her application, and after having obtained the consent of the Notifying Parties, and |
| --- | --- |

—

a representative from the United States Department of Justice, whom I admitted to the hearing upon her application, and after having obtained the consent of the Notifying Parties, and

| — | certain interested third persons. |
| --- | --- |

—

certain interested third persons.

| 13. | I rejected the application of one interested third person to attend the oral hearing for the following reasons. First, the application was not submitted timely (one day and a half before the oral hearing). Second the third person had not participated in the proceedings until that point. It did not provide any comment to the Commission following the publication of the notification (12) or the initiation of proceedings (13) in the Official Journal. Nor did it reply to the questionnaire sent by the Directorate-General for Competition of the Commission (‘DG Competition’) in the context of its market investigation. Overall, I considered that it was unlikely that this third person would contribute usefully to the clarification of the relevant facts at the oral hearing and thus rejected its request to attend the oral hearing. Also noteworthy as regards interested third persons is the fact that certain of them, although admitted to the oral hearing, later withdrew their request to attend as interested third persons but rather decided to appear as part of the delegation of the Notifying Parties (14). |
| --- | --- |

13.

I rejected the application of one interested third person to attend the oral hearing for the following reasons. First, the application was not submitted timely (one day and a half before the oral hearing). Second the third person had not participated in the proceedings until that point. It did not provide any comment to the Commission following the publication of the notification (12) or the initiation of proceedings (13) in the Official Journal. Nor did it reply to the questionnaire sent by the Directorate-General for Competition of the Commission (‘DG Competition’) in the context of its market investigation. Overall, I considered that it was unlikely that this third person would contribute usefully to the clarification of the relevant facts at the oral hearing and thus rejected its request to attend the oral hearing. Also noteworthy as regards interested third persons is the fact that certain of them, although admitted to the oral hearing, later withdrew their request to attend as interested third persons but rather decided to appear as part of the delegation of the Notifying Parties (14).

4.   Procedure after the oral hearing

4.1.   Commitments

| 14. | In order to address competition concerns identified in the SO, the Notifying Parties submitted commitments on 17 November 2011. On 21 November 2011 the Notifying Parties submitted a revised version of these commitments. The Commission launched a market test of these commitments on 22 November 2011. On 12 December 2011, the Notifying Parties submitted a second set of commitments which was later amended on 14 December 2011. The market test of the second set of commitments was launched on 14 and 15 December 2011. |
| --- | --- |

14.

In order to address competition concerns identified in the SO, the Notifying Parties submitted commitments on 17 November 2011. On 21 November 2011 the Notifying Parties submitted a revised version of these commitments. The Commission launched a market test of these commitments on 22 November 2011. On 12 December 2011, the Notifying Parties submitted a second set of commitments which was later amended on 14 December 2011. The market test of the second set of commitments was launched on 14 and 15 December 2011.

| 15. | I have received no complaint from the Notifying Parties on the market tests conducted by the Commission on the commitment proposals. |
| --- | --- |

15.

I have received no complaint from the Notifying Parties on the market tests conducted by the Commission on the commitment proposals.

4.2.   Other procedural request from the notifying parties

| 16. | On 1 December 2011, the Notifying Parties addressed a letter to DG Competition claiming that, at a meeting on 23 November 2011 with the Notifying Parties, the Chief Economist Team of DG Competition invoked a number of new arguments that had not previously been advanced and referred to certain additional economic analysis undertaken by the Chief Economist’s Team. |
| --- | --- |

16.

On 1 December 2011, the Notifying Parties addressed a letter to DG Competition claiming that, at a meeting on 23 November 2011 with the Notifying Parties, the Chief Economist Team of DG Competition invoked a number of new arguments that had not previously been advanced and referred to certain additional economic analysis undertaken by the Chief Economist’s Team.

| 17. | DG Competition responded by letter of 8 December 2011 explaining why the analysis presented to the Notifying Parties on 23 November did not contain or represent any new elements of facts or new objections, but instead simply illustrated arguments presented in the SO. Further explanations on the economic analysis presented by the Chief Economist Team were included in the letter and minutes of the meeting of 23 November were attached, together with the hand-out to which reference was made during the meeting and which includes the Stata used by the Chief Economist Team for its analysis. The Notifying Parties were given until 13 December 2011 (9.00 a.m.) to submit any further comment. |
| --- | --- |

17.

DG Competition responded by letter of 8 December 2011 explaining why the analysis presented to the Notifying Parties on 23 November did not contain or represent any new elements of facts or new objections, but instead simply illustrated arguments presented in the SO. Further explanations on the economic analysis presented by the Chief Economist Team were included in the letter and minutes of the meeting of 23 November were attached, together with the hand-out to which reference was made during the meeting and which includes the Stata used by the Chief Economist Team for its analysis. The Notifying Parties were given until 13 December 2011 (9.00 a.m.) to submit any further comment.

| 18. | On 13 December 2011 (5.40 p.m.), the Notifying Parties responded by reiterating their position that the analyses presented by the Chief Economist Team as regards two matters was new, and therefore raised serious questions about their ability to exercise their rights of defence. They nevertheless submitted an economic analysis from their economic advisers commenting on the analyses presented to them by the Chief Economist Team. They also submitted a revised version of the minutes of the 23 November 2011 meeting. |
| --- | --- |

18.

On 13 December 2011 (5.40 p.m.), the Notifying Parties responded by reiterating their position that the analyses presented by the Chief Economist Team as regards two matters was new, and therefore raised serious questions about their ability to exercise their rights of defence. They nevertheless submitted an economic analysis from their economic advisers commenting on the analyses presented to them by the Chief Economist Team. They also submitted a revised version of the minutes of the 23 November 2011 meeting.

| 19. | The above-mentioned procedural issue calls for the following comments. First, the Notifying Parties’ letters did not explain why the Notifying Parties were not in a position to effectively exercise their rights of defence and why the Commission’s explanations about the lack of any new arguments or objections would have been insufficient. Indeed, by submitting written comments, they were able to make known their views on the elements presented to them by the Chief Economist Team on 23 November and further detailed in the Commission’s letter of 8 December. In addition, the Notifying Parties did not raise the matter with me directly. Although I was put in copy of the two letters mentioned above, the Notifying Parties did not make use of the possibility, set out in Article 3(7) of the Terms of Reference of the Hearing Officer, to refer any issue regarding the effective exercise of procedural rights to the Hearing Officer for independent review when no resolution is reached with DG Competition. This suggests that the matter was indeed resolved by the Commission’s explanations about the lack of any new arguments or objections and the possibility exercised by the Notifying Parties to submit written comments. In conclusion, I consider that the Notifying Parties’ procedural rights have been effectively exercised in connection with this matter. |
| --- | --- |

19.

The above-mentioned procedural issue calls for the following comments. First, the Notifying Parties’ letters did not explain why the Notifying Parties were not in a position to effectively exercise their rights of defence and why the Commission’s explanations about the lack of any new arguments or objections would have been insufficient. Indeed, by submitting written comments, they were able to make known their views on the elements presented to them by the Chief Economist Team on 23 November and further detailed in the Commission’s letter of 8 December. In addition, the Notifying Parties did not raise the matter with me directly. Although I was put in copy of the two letters mentioned above, the Notifying Parties did not make use of the possibility, set out in Article 3(7) of the Terms of Reference of the Hearing Officer, to refer any issue regarding the effective exercise of procedural rights to the Hearing Officer for independent review when no resolution is reached with DG Competition. This suggests that the matter was indeed resolved by the Commission’s explanations about the lack of any new arguments or objections and the possibility exercised by the Notifying Parties to submit written comments. In conclusion, I consider that the Notifying Parties’ procedural rights have been effectively exercised in connection with this matter.

5.   The draft Commission decision

| 20. | Pursuant to Article 16 of the Terms of Reference, the Final Report shall consider whether the draft decision deals only with objections in respect of which the parties have been afforded the opportunity of making known their views. |
| --- | --- |

20.

Pursuant to Article 16 of the Terms of Reference, the Final Report shall consider whether the draft decision deals only with objections in respect of which the parties have been afforded the opportunity of making known their views.

| 21. | Upon review of the draft decision, I conclude that it does not deal with any objection upon which the Notifying Parties have not been given the opportunity of making known their views. |
| --- | --- |

21.

Upon review of the draft decision, I conclude that it does not deal with any objection upon which the Notifying Parties have not been given the opportunity of making known their views.

6.   Conclusion

| 22. | I conclude that the Notifying Parties and the other persons involved in the proceedings have been able to effectively exercise their procedural rights in this case. |
| --- | --- |

22.

I conclude that the Notifying Parties and the other persons involved in the proceedings have been able to effectively exercise their procedural rights in this case.

Brussels, 19 January 2012.

Michael ALBERS

---

(1)  Pursuant to Articles 16 and 17 of Decision 2011/695/EU of the President of the European Commission of 13 October 2011 on the function and terms of reference of the hearing officer in certain competition proceedings (OJ L 275, 20.10.2011, p. 29) (the ‘Terms of Reference’).

1

(2)  Council Regulation (EC) No 139/2004 of 20 January 2004 (OJ L 24, 29.1.2004, p. 1) (the ‘Merger Regulation’).

2

(3)  DG Competition Best Practices on the conduct of EC Merger Control Proceedings.

3

(4)  Parts of this text have been edited to ensure that confidential information is not disclosed; those parts are enclosed in square brackets and marked with an asterisk.

4

(5)  Parts of this text have been edited to ensure that confidential information is not disclosed; those parts are enclosed in square brackets and marked with an asterisk.

5

(6)  Parts of this text have been edited to ensure that confidential information is not disclosed; those parts are enclosed in square brackets and marked with an asterisk.

6

(7)  Parts of this text have been edited to ensure that confidential information is not disclosed; those parts are enclosed in square brackets and marked with an asterisk.

7

(8)  Pursuant to Article 5 of the Terms of Reference. Instead, Mr de Larosière gave a presentation as part of the Notifying Parties’ delegation.

8

(9)  Pursuant to Article 5 of the Terms of Reference.

9

(10)  See Article 16(2) of Commission Regulation (EC) No 802/2004 of 7 April 2004 implementing Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (OJ L 133, 30.4.2004, p. 1) and recital 13 of the Terms of Reference.

10

(11)  Pursuant to Article 16(2) of Commission Regulation (EC) No 802/2004.

11

(12)  OJ C 199, 7.7.2011, p. 9.

12

(13)  OJ C 234, 10.8.2011, p. 2.

13

(14)  This concerned five interested third persons.

14

---

| 5.8.2014 | EN | Official Journal of the European Union | C 254/8 |
| --- | --- | --- | --- |

5.8.2014

EN

Official Journal of the European Union

C 254/8

---

Summary of Commission Decision

of 1 February 2012

declaring a concentration incompatible with the internal market and the functioning of the EEA Agreement

(Case M.6166 — Deutsche Börse/NYSE Euronext)

(notified under document C(2012) 440 final)

(Only the English version is authentic)

(Text with EEA relevance)

2014/C 254/06

On 1 February 2012 the Commission adopted a Decision in a merger case under Council Regulation (EC) No 139/2004 of 20 January 2004 on the control of concentrations between undertakings
   (1), and in particular Article 8(3) of that Regulation. A non-confidential version of the full Decision can be found in the authentic language of the case on the website of the Directorate-General for Competition, at the following address: http://ec.europa.eu/comm/competition/index_en.html

I.   INTRODUCTION

| 1. | On 29 June 2011, the European Commission received a notification of a proposed concentration pursuant to Article 4 ECMR by which the undertakings NYSE Euronext (‘NYX’) and DB (hereinafter referred to as ‘the Notifying Parties’) enter into a full merger within the meaning of Article 3(1)(a) ECMR (2) (‘the Transaction’). |
| --- | --- |

1.

On 29 June 2011, the European Commission received a notification of a proposed concentration pursuant to Article 4 ECMR by which the undertakings NYSE Euronext (‘NYX’) and DB (hereinafter referred to as ‘the Notifying Parties’) enter into a full merger within the meaning of Article 3(1)(a) ECMR (2) (‘the Transaction’).

| 2. | After preliminary examination of the notification, the Commission concluded that the Transaction raised serious doubts as to its compatibility with the internal market, in particular as concerns the market for derivatives trading and clearing services and the market for cash trading and post-trade services. Therefore, on 4 August 2011, the Commission adopted a decision to initiate proceedings pursuant to Article 6(1)(c) ECMR (3). |
| --- | --- |

2.

After preliminary examination of the notification, the Commission concluded that the Transaction raised serious doubts as to its compatibility with the internal market, in particular as concerns the market for derivatives trading and clearing services and the market for cash trading and post-trade services. Therefore, on 4 August 2011, the Commission adopted a decision to initiate proceedings pursuant to Article 6(1)(c) ECMR (3).

| 3. | On 5 October 2011, a Statement of Objections (‘SO’) pursuant to Article 18 of the Merger Regulation was addressed to the Notifying Parties. The Notifying Parties replied to the SO on 24 October 2011. At the Notifying Parties' request, an Oral Hearing took place on 27 and 28 October 2011 (4). Twenty-three interested third parties were admitted to the proceedings, ten of them participated in the Oral Hearing. |
| --- | --- |

3.

On 5 October 2011, a Statement of Objections (‘SO’) pursuant to Article 18 of the Merger Regulation was addressed to the Notifying Parties. The Notifying Parties replied to the SO on 24 October 2011. At the Notifying Parties' request, an Oral Hearing took place on 27 and 28 October 2011 (4). Twenty-three interested third parties were admitted to the proceedings, ten of them participated in the Oral Hearing.

| 4. | In order to address competition concerns identified in the SO, the Notifying Parties submitted initial commitments on 17 November 2011, and subsequently revised these commitments on 21 November 2011 (5). The Commission launched a market test of the commitments of 21 November 2011 on 22 November 2011. On 12 December 2011, a new set of commitments was submitted, with a revised version being submitted on 13 December 2011 (6). The Commission launched a market test of the commitments of 13 December 2011 on 14 December 2011. |
| --- | --- |

4.

In order to address competition concerns identified in the SO, the Notifying Parties submitted initial commitments on 17 November 2011, and subsequently revised these commitments on 21 November 2011 (5). The Commission launched a market test of the commitments of 21 November 2011 on 22 November 2011. On 12 December 2011, a new set of commitments was submitted, with a revised version being submitted on 13 December 2011 (6). The Commission launched a market test of the commitments of 13 December 2011 on 14 December 2011.

| 5. | The Commission found that the Transaction would have given rise to the creation of the biggest stock exchange in the world in terms of revenue, combining the current numbers two and three, and implied a merger to monopoly in a number of markets. NYX is a U.S. holding company that was formed in 2007 through the merger of NYSE Group, Inc. and Euronext N.V. and operates numerous exchanges in the US and Europe (Paris, Amsterdam, Brussels and Lisbon). It has four main businesses: (i) cash listing services; (ii) cash trading services; (iii) derivatives trading and clearing services through NYSE Liffe (‘Liffe’); and (iv) information services and technology solutions. DB is a German listed corporation vertically integrated in all aspects of cash and derivatives markets. Its activities therefore include cash listing, trading and clearing, derivatives trading and clearing (through its subsidiary ‘Eurex’), cash post-trade services, namely settlement and custody, collateral management, market data and information services. Following an extensive market investigation and on the basis of a careful and impartial assessment of the totality of the available evidence, the Commission found that:






  — | the Transaction would not significantly impede effective competition on several markets, which will not be further discussed: (i) cash listing, trading and post-trading services (7); (ii) market data (8); (iii) information services and technology solutions (9); and (iv) collateral management (10). |
| --- | --- | --- |

5.

The Commission found that the Transaction would have given rise to the creation of the biggest stock exchange in the world in terms of revenue, combining the current numbers two and three, and implied a merger to monopoly in a number of markets. NYX is a U.S. holding company that was formed in 2007 through the merger of NYSE Group, Inc. and Euronext N.V. and operates numerous exchanges in the US and Europe (Paris, Amsterdam, Brussels and Lisbon). It has four main businesses: (i) cash listing services; (ii) cash trading services; (iii) derivatives trading and clearing services through NYSE Liffe (‘Liffe’); and (iv) information services and technology solutions. DB is a German listed corporation vertically integrated in all aspects of cash and derivatives markets. Its activities therefore include cash listing, trading and clearing, derivatives trading and clearing (through its subsidiary ‘Eurex’), cash post-trade services, namely settlement and custody, collateral management, market data and information services. Following an extensive market investigation and on the basis of a careful and impartial assessment of the totality of the available evidence, the Commission found that:

—

the Transaction would not significantly impede effective competition on several markets, which will not be further discussed: (i) cash listing, trading and post-trading services (7); (ii) market data (8); (iii) information services and technology solutions (9); and (iv) collateral management (10).

| — | the transaction would significantly impede effective competition on for a number of derivatives trading and clearing markets. |
| --- | --- |

—

the transaction would significantly impede effective competition on for a number of derivatives trading and clearing markets.

| 6. | This below is a summary of the Decision with respect to the following points: derivatives market definition, competitive assessment, efficiencies and remedies. |
| --- | --- |

6.

This below is a summary of the Decision with respect to the following points: derivatives market definition, competitive assessment, efficiencies and remedies.

II.   MARKET DEFINITION

| 7. | Eurex and Liffe operate exchanges allowing derivatives users to trade certain derivatives contracts and have them cleared. Derivatives are financial contracts whose value is derived form an underlying (asset) and allow the transfer of risk from one economic agent to another (11). Depending on their relationship between the underlying and the derivative contract derivatives can be subdivided into futures, options and swaps (12). |
| --- | --- |

7.

Eurex and Liffe operate exchanges allowing derivatives users to trade certain derivatives contracts and have them cleared. Derivatives are financial contracts whose value is derived form an underlying (asset) and allow the transfer of risk from one economic agent to another (11). Depending on their relationship between the underlying and the derivative contract derivatives can be subdivided into futures, options and swaps (12).

| 8. | Derivative contracts traded on exchanges are designed, introduced, and regulated by the derivatives exchanges that created them. They are commonly referred to as ‘exchange-traded derivatives’ or ‘ETDs’. Each category of contracts has its own specifications and delivery processes, which the exchange determines and oversees to best match customers' preferences (13). Successful derivatives contracts become very liquid, reaching several million of contracts traded per day (14). |
| --- | --- |

8.

Derivative contracts traded on exchanges are designed, introduced, and regulated by the derivatives exchanges that created them. They are commonly referred to as ‘exchange-traded derivatives’ or ‘ETDs’. Each category of contracts has its own specifications and delivery processes, which the exchange determines and oversees to best match customers' preferences (13). Successful derivatives contracts become very liquid, reaching several million of contracts traded per day (14).

| 9. | Trading of derivatives contracts consists of matching buyers and sellers, that is, two parties willing to take opposite positions in the same contract. Matching between buyers and sellers may be bilateral or multilateral. Bilateral matching is trading in which the quoting of prices and execution are conducted between two parties in such a way that other market participants do not observe the trading. Bilateral matching is done only in the over-the-counter (or ‘OTC’) space through voice brokerage and telephone trading (15). In multilateral matching, market participants can observe the others' price quotes and trade executions in the market-place. Multilateral matching of derivatives buyers and sellers is performed either on exchanges or on some OTC trading platforms, operated by broker dealers, as concerns OTC derivatives contracts (16). |
| --- | --- |

9.

Trading of derivatives contracts consists of matching buyers and sellers, that is, two parties willing to take opposite positions in the same contract. Matching between buyers and sellers may be bilateral or multilateral. Bilateral matching is trading in which the quoting of prices and execution are conducted between two parties in such a way that other market participants do not observe the trading. Bilateral matching is done only in the over-the-counter (or ‘OTC’) space through voice brokerage and telephone trading (15). In multilateral matching, market participants can observe the others' price quotes and trade executions in the market-place. Multilateral matching of derivatives buyers and sellers is performed either on exchanges or on some OTC trading platforms, operated by broker dealers, as concerns OTC derivatives contracts (16).

| 10. | With respect to derivatives market definition, the Notifying Parties submitted that the relevant market in the present case is one single global market for risk transfer comprising trading in a wide variety of derivatives irrespective of the underlying asset, both on-exchange and OTC. They argued that all derivatives perform the same functions, and that the demand-side of the market is represented by an international community of highly sophisticated financial institutions. From the supply-side perspective, there would be an increasing convergence in the functionality of derivatives available on-exchange and OTC and in the respective trading mechanisms. In addition, the Notifying Parties claimed that the current regulatory convergence between the exchange and OTC environments is likely to make the OTC and the exchange spaces even more homogeneous (17). |
| --- | --- |

10.

With respect to derivatives market definition, the Notifying Parties submitted that the relevant market in the present case is one single global market for risk transfer comprising trading in a wide variety of derivatives irrespective of the underlying asset, both on-exchange and OTC. They argued that all derivatives perform the same functions, and that the demand-side of the market is represented by an international community of highly sophisticated financial institutions. From the supply-side perspective, there would be an increasing convergence in the functionality of derivatives available on-exchange and OTC and in the respective trading mechanisms. In addition, the Notifying Parties claimed that the current regulatory convergence between the exchange and OTC environments is likely to make the OTC and the exchange spaces even more homogeneous (17).

| 11. | The Decision concludes that the market for derivatives in the asset classes where the Notifying Parties overlap should be first subdivided according to the execution environment — i.e. into ETDs and OTC derivatives (18). ETDs are complementary rather than substitutable to OTC derivatives. While OTC derivatives are used to provide a perfect hedge to any risk, ETDs are used both for taking positions, and for short-term imperfect hedging until a perfect hedge is found (19). |
| --- | --- |

11.

The Decision concludes that the market for derivatives in the asset classes where the Notifying Parties overlap should be first subdivided according to the execution environment — i.e. into ETDs and OTC derivatives (18). ETDs are complementary rather than substitutable to OTC derivatives. While OTC derivatives are used to provide a perfect hedge to any risk, ETDs are used both for taking positions, and for short-term imperfect hedging until a perfect hedge is found (19).

| 12. | Contrary to the Notifying Parties' claim that the fact that 90 % of OTC derivatives are standardised and that this standardization, combined with market regulatory developments, will dramatically increase the competitive pressure that OTC derivatives exert on ETD trading, the Decision concluded that OTC derivatives are only standardized in their legal terms (as opposed to their key economic parameters) and are used in different circumstances than ETDs, which limits any competitive pressure that derivatives traded OTC are likely to exert on ETDs (20). |
| --- | --- |

12.

Contrary to the Notifying Parties' claim that the fact that 90 % of OTC derivatives are standardised and that this standardization, combined with market regulatory developments, will dramatically increase the competitive pressure that OTC derivatives exert on ETD trading, the Decision concluded that OTC derivatives are only standardized in their legal terms (as opposed to their key economic parameters) and are used in different circumstances than ETDs, which limits any competitive pressure that derivatives traded OTC are likely to exert on ETDs (20).

| 13. | While exchanges do also compete to win new business by capturing contracts that are currently in the OTC environment, the Commission considered in the Decision that, rather than proving substitution between ETDs and OTC derivatives, the evidence rather points towards natural one-way development whereby OTC contracts, as they become sufficiently standardized, tend to move to regulated exchanges where the liquidity in these contracts ultimately develops. The Commission therefore concluded that for asset classes concerned by the Decision trading derivatives OTC does not provide a competitive constraint to ETDs and is not substitutable for ETDs (21). |
| --- | --- |

13.

While exchanges do also compete to win new business by capturing contracts that are currently in the OTC environment, the Commission considered in the Decision that, rather than proving substitution between ETDs and OTC derivatives, the evidence rather points towards natural one-way development whereby OTC contracts, as they become sufficiently standardized, tend to move to regulated exchanges where the liquidity in these contracts ultimately develops. The Commission therefore concluded that for asset classes concerned by the Decision trading derivatives OTC does not provide a competitive constraint to ETDs and is not substitutable for ETDs (21).

| 14. | Moreover, the fact that a switching from ETDs to OTC derivatives is not an observable phenomenon (except for marginal switching to ETD lookalikes when it comes to certain customers) is also consistent with the fact that listed derivatives, in particular those traded on exchanges' order books, are not generally suitable to be traded away from the exchange environment (22). |
| --- | --- |

14.

Moreover, the fact that a switching from ETDs to OTC derivatives is not an observable phenomenon (except for marginal switching to ETD lookalikes when it comes to certain customers) is also consistent with the fact that listed derivatives, in particular those traded on exchanges' order books, are not generally suitable to be traded away from the exchange environment (22).

| 15. | In this context the Decision found that a category of derivatives users exists that, due to their operational setup, risk management preference, accounting reasons or various regulations, can only hold ETDs in their portfolios or hedge their portfolios only with ETDs. This category of customers includes retail investors as well as some institutional market participants who do not trade derivatives OTC even through a broker. |
| --- | --- |

15.

In this context the Decision found that a category of derivatives users exists that, due to their operational setup, risk management preference, accounting reasons or various regulations, can only hold ETDs in their portfolios or hedge their portfolios only with ETDs. This category of customers includes retail investors as well as some institutional market participants who do not trade derivatives OTC even through a broker.

| 16. | In addition, the Decision concludes that even for customers that trade both ETDs and OTC derivatives, the ability to directly substitute between ETDs and OTC derivatives would be at best limited to ETD lookalikes (23) (contracts offering the same economic exposure as ETD contracts but traded bilaterally away from an exchange and not cleared by a CCP (24). These contracts represent a small portion of all available contracts in the OTC environment and are principally designed for and by large banks in the interdealer market). The bulk of OTC products address different customer needs than ETDs, in particular the need to achieve a customized perfect hedge which is not possible with an ETD contract (25). The Decision concluded that the question whether ETD lookalikes belong to the same market as ETDs traded on the central order book can be left open as the competitive assessment remains the same regardless of whether or not lookalikes are included (26). |
| --- | --- |

16.

In addition, the Decision concludes that even for customers that trade both ETDs and OTC derivatives, the ability to directly substitute between ETDs and OTC derivatives would be at best limited to ETD lookalikes (23) (contracts offering the same economic exposure as ETD contracts but traded bilaterally away from an exchange and not cleared by a CCP (24). These contracts represent a small portion of all available contracts in the OTC environment and are principally designed for and by large banks in the interdealer market). The bulk of OTC products address different customer needs than ETDs, in particular the need to achieve a customized perfect hedge which is not possible with an ETD contract (25). The Decision concluded that the question whether ETD lookalikes belong to the same market as ETDs traded on the central order book can be left open as the competitive assessment remains the same regardless of whether or not lookalikes are included (26).

| 17. | The Decision concludes that for most derivatives users, the demand to trade derivatives is specific to a certain asset class and cannot be substituted by trades in a different asset class. For hedging purposes, derivatives users seek to hedge a specific risk associated with their positions in a certain asset, and, when using derivatives for leveraged investing purposes, they similarly are sensitive to the type of asset (27). |
| --- | --- |

17.

The Decision concludes that for most derivatives users, the demand to trade derivatives is specific to a certain asset class and cannot be substituted by trades in a different asset class. For hedging purposes, derivatives users seek to hedge a specific risk associated with their positions in a certain asset, and, when using derivatives for leveraged investing purposes, they similarly are sensitive to the type of asset (27).

| 18. | The Notifying Parties mainly offer derivatives contracts on the following underlyings: European interest rates which can be subdivided into long-term interest rates (‘LTIR’) or capital market rates and short-term interest rates (‘STIR’) or money market rates; European single stocks that can be further subdivided according to the underlying stock; European equity indices (at pan-European and national level) (28). |
| --- | --- |

18.

The Notifying Parties mainly offer derivatives contracts on the following underlyings: European interest rates which can be subdivided into long-term interest rates (‘LTIR’) or capital market rates and short-term interest rates (‘STIR’) or money market rates; European single stocks that can be further subdivided according to the underlying stock; European equity indices (at pan-European and national level) (28).

| 19. | The Decision concludes that interest rate derivatives based on different currencies, be they short-term or long-term, are not generally substitutable as they have an intrinsic link with the currency on which the underlying is based (29). The Decision left open the exact definition of the market for listed interest rate derivatives and its subdivision into short-term and long-term interest rate derivatives because the Transaction would have eliminated the closest actual and potential competitor under all possible market definitions (30). |
| --- | --- |

19.

The Decision concludes that interest rate derivatives based on different currencies, be they short-term or long-term, are not generally substitutable as they have an intrinsic link with the currency on which the underlying is based (29). The Decision left open the exact definition of the market for listed interest rate derivatives and its subdivision into short-term and long-term interest rate derivatives because the Transaction would have eliminated the closest actual and potential competitor under all possible market definitions (30).

| 20. | As to European single equity derivatives, while acknowledging that from the demand-side perspective, there is no substitution between derivatives based on different stock equities (31), the Decision finds that traders do not just buy once a single equity derivatives contract but typically implement broader trading strategies (32). The Decision, however, leaves open the question of whether the product market for listed single stock equity futures and options should be subdivided according to the individual stock or should comprise a wider set of stocks as a significant impediment to effective competition will arise under all alternative market definition (individual, national and European levels) (33). |
| --- | --- |

20.

As to European single equity derivatives, while acknowledging that from the demand-side perspective, there is no substitution between derivatives based on different stock equities (31), the Decision finds that traders do not just buy once a single equity derivatives contract but typically implement broader trading strategies (32). The Decision, however, leaves open the question of whether the product market for listed single stock equity futures and options should be subdivided according to the individual stock or should comprise a wider set of stocks as a significant impediment to effective competition will arise under all alternative market definition (individual, national and European levels) (33).

| 21. | As to equity index derivatives, the Decision concludes that from the demand-side perspective, individual indices are not substitutable as they offer different exposures (34). From the supply-side perspective, indices are usually protected by IP rights and cannot be freely used. Therefore, separate relevant product markets exist for trading and clearing of each of the Notifying Parties' families of equity indices. However, the Decision concludes that the Notifying Parties compete in innovation in the area of new European index products (both national and pan-European) (35). |
| --- | --- |

21.

As to equity index derivatives, the Decision concludes that from the demand-side perspective, individual indices are not substitutable as they offer different exposures (34). From the supply-side perspective, indices are usually protected by IP rights and cannot be freely used. Therefore, separate relevant product markets exist for trading and clearing of each of the Notifying Parties' families of equity indices. However, the Decision concludes that the Notifying Parties compete in innovation in the area of new European index products (both national and pan-European) (35).

| 22. | The Decision considers that options, futures, and swaps constitute different instruments used for different purposes. The Decision concludes that swaps constitute a separate category due to their different characteristics (tailored to a particular date), use (not traded for less than 2 years) and environment in which they are traded (only OTC). From the demand side perspective, the demand to trade options and futures derivatives is generally specific to the type of contract such that futures and options would not be substitutable. From the supply-side perspective, exchanges offer both futures and options on underlyings on which they list contracts, since once an exchange has established liquidity in futures on an underlying, it can start offering options at minimum cost. The Decision, however, leaves open the question as to whether futures and options belong to the same product market as this would not affect the competitive assessment in this case (36)
   (37). |
| --- | --- |

22.

The Decision considers that options, futures, and swaps constitute different instruments used for different purposes. The Decision concludes that swaps constitute a separate category due to their different characteristics (tailored to a particular date), use (not traded for less than 2 years) and environment in which they are traded (only OTC). From the demand side perspective, the demand to trade options and futures derivatives is generally specific to the type of contract such that futures and options would not be substitutable. From the supply-side perspective, exchanges offer both futures and options on underlyings on which they list contracts, since once an exchange has established liquidity in futures on an underlying, it can start offering options at minimum cost. The Decision, however, leaves open the question as to whether futures and options belong to the same product market as this would not affect the competitive assessment in this case (36)
   (37).

| 23. | Finally, the relevant markets in the area of derivatives trading and clearing where the Notifying Parties' activities overlap and on which the effects of the transaction are assessed are the following:






  — | As concerns customers that can trade only ETDs, the relevant markets are the market for exchange-traded European interest rate futures and options possibly subdivided into STIR and LTIR, the market for European single stock equity futures and options, and, in respect of product innovation, the market for European equity index futures and options; |
| --- | --- | --- |

23.

Finally, the relevant markets in the area of derivatives trading and clearing where the Notifying Parties' activities overlap and on which the effects of the transaction are assessed are the following:

—

As concerns customers that can trade only ETDs, the relevant markets are the market for exchange-traded European interest rate futures and options possibly subdivided into STIR and LTIR, the market for European single stock equity futures and options, and, in respect of product innovation, the market for European equity index futures and options;

| — | As concerns customers that trade both ETDs and OTC derivatives, the relevant markets are the market for exchange-traded European interest rate futures and options possibly subdivided into STIR and LTIR and possibly comprising ETD lookalikes, the market for European single stock equity futures and options possibly comprising ETD lookalikes, and, in respect of product innovation, the market for European equity index futures and options. Indeed, given the small size of the ETD lookalikes segment, it can be left open whether, for this category of customers, ETD lookalikes belong to the same market as ETDs traded on the central order book as the competitive assessment remains the same regardless of whether or not, for this category of customers, ETD lookalikes are included in the relevant product market (38)
   (39). |
| --- | --- |

—

As concerns customers that trade both ETDs and OTC derivatives, the relevant markets are the market for exchange-traded European interest rate futures and options possibly subdivided into STIR and LTIR and possibly comprising ETD lookalikes, the market for European single stock equity futures and options possibly comprising ETD lookalikes, and, in respect of product innovation, the market for European equity index futures and options. Indeed, given the small size of the ETD lookalikes segment, it can be left open whether, for this category of customers, ETD lookalikes belong to the same market as ETDs traded on the central order book as the competitive assessment remains the same regardless of whether or not, for this category of customers, ETD lookalikes are included in the relevant product market (38)
   (39).

| 24. | As to the geographic market, the Decision concludes that irrespective of whether the geographic scope of the market for each of the relevant product markets described above is defined as worldwide or limited to the EEA, the proposed transaction will impede effective competition under both alternative market definitions. This is because while from the demand side customers are located around the world, from the supply side only Eurex and Liffe (and to a less limited extent some other European exchanges) offer derivatives contracts based on European underlying in the areas where the Notifying Parties overlap (40). |
| --- | --- |

24.

As to the geographic market, the Decision concludes that irrespective of whether the geographic scope of the market for each of the relevant product markets described above is defined as worldwide or limited to the EEA, the proposed transaction will impede effective competition under both alternative market definitions. This is because while from the demand side customers are located around the world, from the supply side only Eurex and Liffe (and to a less limited extent some other European exchanges) offer derivatives contracts based on European underlying in the areas where the Notifying Parties overlap (40).

III.   COMPETITIVE ASSESSMENT

| 25. | The Notifying Parties are de facto the only two players offering exchange trading in European interest rate futures and options, and they occupy predominant positions in trading of single equity derivatives (41) and equity index derivatives. They together control over 90 % of all derivatives based on European underlyings traded around the world:






  — | In European interest rates ETDs, Eurex and Liffe together control [90-100 %] of the market (NYSE [40-50 %] and DB [40-50 %]); |
| --- | --- | --- |

25.

The Notifying Parties are de facto the only two players offering exchange trading in European interest rate futures and options, and they occupy predominant positions in trading of single equity derivatives (41) and equity index derivatives. They together control over 90 % of all derivatives based on European underlyings traded around the world:

—

In European interest rates ETDs, Eurex and Liffe together control [90-100 %] of the market (NYSE [40-50 %] and DB [40-50 %]);

| — | In European equity index ETDs, DB controls [90-100 %] of ETD contracts based on STOXX index while NYX has a near-monopoly in the UK FTSE index (FTSE index is also licensed to Turquoise). Eurex and have monopolies in their respective national indices, the DAX, CAC, AEX, BEL and PSI. |
| --- | --- |

—

In European equity index ETDs, DB controls [90-100 %] of ETD contracts based on STOXX index while NYX has a near-monopoly in the UK FTSE index (FTSE index is also licensed to Turquoise). Eurex and have monopolies in their respective national indices, the DAX, CAC, AEX, BEL and PSI.

| — | In European single stock equity ETDs, NYX has [20-30 %] and DB [60-70 %], for a combined total of [80-90 %]. There are significant overlaps between the Parties in contracts on individual equities from Belgium, France, Austria, Finland, Germany, Italy, Portugal, Switzerland and the UK (42). |
| --- | --- |

—

In European single stock equity ETDs, NYX has [20-30 %] and DB [60-70 %], for a combined total of [80-90 %]. There are significant overlaps between the Parties in contracts on individual equities from Belgium, France, Austria, Finland, Germany, Italy, Portugal, Switzerland and the UK (42).

III.1.   General parameters of competition in derivatives trading and clearing

| 26. | The total cost of trading is composed of several elements: (i) exchange and clearing fees and collateral costs (direct component), (ii) realized bid-ask spread and any market impact (indirect component). The latter is typically several times larger than the former. Exchanges compete not only in terms of the direct component of the cost of trading but also through incentives designed to reduce the indirect component. Headline fees are supplemented on a case-by-case basis with rebates to individual members. In general, competition leads to lower fees, more efficient collateral policies and greater liquidity (43). |
| --- | --- |

26.

The total cost of trading is composed of several elements: (i) exchange and clearing fees and collateral costs (direct component), (ii) realized bid-ask spread and any market impact (indirect component). The latter is typically several times larger than the former. Exchanges compete not only in terms of the direct component of the cost of trading but also through incentives designed to reduce the indirect component. Headline fees are supplemented on a case-by-case basis with rebates to individual members. In general, competition leads to lower fees, more efficient collateral policies and greater liquidity (43).

| 27. | In addition to head-to-head competition in listed contracts (44), exchanges compete to introduce new products which will be attractive to their existing users. This type of competition takes into account the fact that a successful contract may well capture most or all liquidity for a considerable time (45). |
| --- | --- |

27.

In addition to head-to-head competition in listed contracts (44), exchanges compete to introduce new products which will be attractive to their existing users. This type of competition takes into account the fact that a successful contract may well capture most or all liquidity for a considerable time (45).

| 28. | Exchanges also compete in system performance and trading functionalities as well as processes and market design. Whilst innovation in these areas is partly driven by customer demand, it is also partly a result of competitive rivalry and the risk that, as happened with the Bund contract, liquidity could migrate if an exchange were to fall behind its competitors (46). |
| --- | --- |

28.

Exchanges also compete in system performance and trading functionalities as well as processes and market design. Whilst innovation in these areas is partly driven by customer demand, it is also partly a result of competitive rivalry and the risk that, as happened with the Bund contract, liquidity could migrate if an exchange were to fall behind its competitors (46).

| 29. | Competition between Eurex and Liffe takes the form of actual and potential competition to introduce new or improved products (47). Potential competition is a significant disciplining force between the Parties, who are each other's closest competitors due to the size and scope of their respective margin pools, membership and know-how. It is illustrated by a number of cases of actual and planned competition in the past which have had an actual and significant effect on fees, and operates on an ongoing basis. Existence of actual (even if low) market shares for certain products on the part of the challenger underlines further the existential nature of this competitive threat. This uniquely close competitive relationship, amply illustrated by internal documents and confirmed by customers and competitors, would have been eliminated by the Transaction (48). |
| --- | --- |

29.

Competition between Eurex and Liffe takes the form of actual and potential competition to introduce new or improved products (47). Potential competition is a significant disciplining force between the Parties, who are each other's closest competitors due to the size and scope of their respective margin pools, membership and know-how. It is illustrated by a number of cases of actual and planned competition in the past which have had an actual and significant effect on fees, and operates on an ongoing basis. Existence of actual (even if low) market shares for certain products on the part of the challenger underlines further the existential nature of this competitive threat. This uniquely close competitive relationship, amply illustrated by internal documents and confirmed by customers and competitors, would have been eliminated by the Transaction (48).

| 30. | The fact that new ideas may arise initially in the OTC market does not mean that there is not competition between the Parties to standardize these contracts and create liquidity on exchange. On the contrary, significant amounts are invested by them in innovation, and notwithstanding the many barriers to success, there is a constant stream of new products from both Parties. Moreover, even if quantitatively innovation were to continue on the same level, the commercial terms on which such innovations were made and remained available to the market would have been negatively impacted by the Transaction (49). In respect of technology, experience in the cash markets since MIFID has shown that competition is a fundamental accelerator of the rate of innovation. |
| --- | --- |

30.

The fact that new ideas may arise initially in the OTC market does not mean that there is not competition between the Parties to standardize these contracts and create liquidity on exchange. On the contrary, significant amounts are invested by them in innovation, and notwithstanding the many barriers to success, there is a constant stream of new products from both Parties. Moreover, even if quantitatively innovation were to continue on the same level, the commercial terms on which such innovations were made and remained available to the market would have been negatively impacted by the Transaction (49). In respect of technology, experience in the cash markets since MIFID has shown that competition is a fundamental accelerator of the rate of innovation.

III.2.   Competition between the Parties — European interest rate futures and options
   (50)

| 31. | Whilst direct overlaps between the Parties in the field of European interest rates derivatives are presently limited but by no means unimportant, the Decision concluded that Eurex and Liffe are the closest potential competitors in this area. |
| --- | --- |

31.

Whilst direct overlaps between the Parties in the field of European interest rates derivatives are presently limited but by no means unimportant, the Decision concluded that Eurex and Liffe are the closest potential competitors in this area.

| 32. | The overlaps concern futures and options on Euro denominated short term interest rates, as well as a degree of head to head competition between Liffe's offering of strips and bundles of Euribor futures and DB's two and five year German sovereign rate derivatives. |
| --- | --- |

32.

The overlaps concern futures and options on Euro denominated short term interest rates, as well as a degree of head to head competition between Liffe's offering of strips and bundles of Euribor futures and DB's two and five year German sovereign rate derivatives.

| 33. | Eurex and Liffe were involved in a struggle for establishment of the Euribor benchmark for over a year at the time of introduction of the euro. In recent years Eurex has had a small market share (since 2007 [0-5 %]) in Euribor futures but together the Parties achieve a near-monopoly. Eurex and Liffe are the only exchanges that have a significant margin pool in this contract. CME's recent Euribor launch achieved almost no trading. CME's margin pool in Euro denominated STIR derivatives is insignificant, and by no means can be comrade to Liffe's and even Eurex'. Concerning options on Euribor futures, DB was involved in a push which in the space of six months brought their monthly volumes up to almost 5 % just before the announcement of the Transaction. This was in response to dissatisfaction of users with the terms offered by Liffe. In addition to being an episode of actual competition, it underlines the threat of potential competition exerted by Eurex and Liffe on each other. Liffe was forced to lower its fees as a result. |
| --- | --- |

33.

Eurex and Liffe were involved in a struggle for establishment of the Euribor benchmark for over a year at the time of introduction of the euro. In recent years Eurex has had a small market share (since 2007 [0-5 %]) in Euribor futures but together the Parties achieve a near-monopoly. Eurex and Liffe are the only exchanges that have a significant margin pool in this contract. CME's recent Euribor launch achieved almost no trading. CME's margin pool in Euro denominated STIR derivatives is insignificant, and by no means can be comrade to Liffe's and even Eurex'. Concerning options on Euribor futures, DB was involved in a push which in the space of six months brought their monthly volumes up to almost 5 % just before the announcement of the Transaction. This was in response to dissatisfaction of users with the terms offered by Liffe. In addition to being an episode of actual competition, it underlines the threat of potential competition exerted by Eurex and Liffe on each other. Liffe was forced to lower its fees as a result.

| 34. | In respect of Euribor packs and bundles, the Decision found that these compete with the two- and five-year German rates for certain users, namely those exposed to long term commercial interest rates, for whom they represent a better but less liquid hedge (51). DB's offering constrains NYX directly in this area even if the opposite may not apply. |
| --- | --- |

34.

In respect of Euribor packs and bundles, the Decision found that these compete with the two- and five-year German rates for certain users, namely those exposed to long term commercial interest rates, for whom they represent a better but less liquid hedge (51). DB's offering constrains NYX directly in this area even if the opposite may not apply.

| 35. | The Decision outlines efforts by Liffe to enter the German sovereign rate space both directly with equivalent contracts and indirectly with similar ones (52). It similarly outlines efforts by Eurex in relation to UK interest rates, where Liffe currently has a monopoly (53). |
| --- | --- |

35.

The Decision outlines efforts by Liffe to enter the German sovereign rate space both directly with equivalent contracts and indirectly with similar ones (52). It similarly outlines efforts by Eurex in relation to UK interest rates, where Liffe currently has a monopoly (53).

| 36. | There is currently and in the foreseeable future no realistic threat to the Parties' franchises from any other competitor. Attempts by customers to sponsor a new interest rate trading platform – Project Rainbow – were thwarted when Liffe took steps to prevent fungibility (54) and margin offset (55) with positions traded on its own platform. |
| --- | --- |

36.

There is currently and in the foreseeable future no realistic threat to the Parties' franchises from any other competitor. Attempts by customers to sponsor a new interest rate trading platform – Project Rainbow – were thwarted when Liffe took steps to prevent fungibility (54) and margin offset (55) with positions traded on its own platform.

| 37. | The Parties are also each other's closest competitor in respect of innovation in the area of European interest rate derivatives. |
| --- | --- |

37.

The Parties are also each other's closest competitor in respect of innovation in the area of European interest rate derivatives.

III.3.   Competition between the Parties — single stock equity options and futures
   (56)

| 38. | In this area, Eurex and Liffe have businesses of similar size and compete to a significant extent head-to-head. 75 % of futures and 63 % of options available on Liffe are also available on Eurex. Additionally, Eurex lookalikes can be cleared on Liffe. In equity derivatives from DB's home German market, over 20 % of trading takes place also on Liffe. Over a quarter of trading in French derivatives takes place on Eurex. In a number of stocks, the majority of trading is away from the home market. The Parties overlap in all of their home markets and achieve a combined market share of [90-100 %] in these markets. |
| --- | --- |

38.

In this area, Eurex and Liffe have businesses of similar size and compete to a significant extent head-to-head. 75 % of futures and 63 % of options available on Liffe are also available on Eurex. Additionally, Eurex lookalikes can be cleared on Liffe. In equity derivatives from DB's home German market, over 20 % of trading takes place also on Liffe. Over a quarter of trading in French derivatives takes place on Eurex. In a number of stocks, the majority of trading is away from the home market. The Parties overlap in all of their home markets and achieve a combined market share of [90-100 %] in these markets.

| 39. | Even in certain markets outside of their original home markets, the Parties have achieved significant market shares at the expense of the historical incumbent. Liquidity in major Spanish equities is split between Eurex and Liffe, with the domestic exchange, MEFF, in second or third place. |
| --- | --- |

39.

Even in certain markets outside of their original home markets, the Parties have achieved significant market shares at the expense of the historical incumbent. Liquidity in major Spanish equities is split between Eurex and Liffe, with the domestic exchange, MEFF, in second or third place.

| 40. | The Decision concludes that it is likely that, as a result of the gravitational effect of its enlarged margin pool, the merged entity would have been able progressively to eliminate the incumbent competitor and achieve a monopoly in all European markets, not just its home markets (including some such as Denmark where only Liffe is present today). This would eliminate significant fee competition. Given the overwhelming market position of the merged entity, a fortiori there would have been no prospect of significant new entry to constrain fees. |
| --- | --- |

40.

The Decision concludes that it is likely that, as a result of the gravitational effect of its enlarged margin pool, the merged entity would have been able progressively to eliminate the incumbent competitor and achieve a monopoly in all European markets, not just its home markets (including some such as Denmark where only Liffe is present today). This would eliminate significant fee competition. Given the overwhelming market position of the merged entity, a fortiori there would have been no prospect of significant new entry to constrain fees.

III.4.   Competition between the Parties: equity indices
   (57)

| 41. | Competition between the Parties in European equity index derivatives concerns only innovation. The Transaction would have a negative impact on innovation both by Eurex and Liffe and by third parties, with knock-on effects on the related market for index licensing. The prospect of significant innovation by third parties, as attempted by Chi-X in combination with Russell indices would also be eliminated. |
| --- | --- |

41.

Competition between the Parties in European equity index derivatives concerns only innovation. The Transaction would have a negative impact on innovation both by Eurex and Liffe and by third parties, with knock-on effects on the related market for index licensing. The prospect of significant innovation by third parties, as attempted by Chi-X in combination with Russell indices would also be eliminated.

III.5.   Barriers to entry and expansion
   (58)

| 42. | Potential new entrants into the markets for exchange-traded derivatives based on European underlyings are faced with high barriers to entry given the importance of liquidity and open interest and the related netting and cross-margining benefits (59). This is in particular because of the characteristic of derivatives markets whereby netting and margining possibilities play a much more significant role than in cash markets. Indeed, counterparty risk is managed for a significantly longer period of time than for cash markets where settlement takes place within a few days of trading and therefore the posting of collateral by users in derivatives markets can be significant (60). |
| --- | --- |

42.

Potential new entrants into the markets for exchange-traded derivatives based on European underlyings are faced with high barriers to entry given the importance of liquidity and open interest and the related netting and cross-margining benefits (59). This is in particular because of the characteristic of derivatives markets whereby netting and margining possibilities play a much more significant role than in cash markets. Indeed, counterparty risk is managed for a significantly longer period of time than for cash markets where settlement takes place within a few days of trading and therefore the posting of collateral by users in derivatives markets can be significant (60).

| 43. | Furthermore, the possibility for competitors to offer equity index derivatives and thereby also gain a foothold in the related single equity derivatives products is also limited given that the benchmark index products are protected by intellectual property rights. The existence of a large installed base of existing users (membership base) which ‘distributes’ the exchange's products to investors, characterized by unavoidable sunk connection costs, is also an important barrier to entry. |
| --- | --- |

43.

Furthermore, the possibility for competitors to offer equity index derivatives and thereby also gain a foothold in the related single equity derivatives products is also limited given that the benchmark index products are protected by intellectual property rights. The existence of a large installed base of existing users (membership base) which ‘distributes’ the exchange's products to investors, characterized by unavoidable sunk connection costs, is also an important barrier to entry.

| 44. | The barrier to entry in single stock derivatives resulting from the pool of open interest and liquidity in index products – which are protected by proprietary IP rights – is not only related to possible margin offsets with the related equity index derivatives, but also to the desire of certain market participants to trade the index and some of the component underlying derivatives (as well as the index and the component cash equities) together. |
| --- | --- |

44.

The barrier to entry in single stock derivatives resulting from the pool of open interest and liquidity in index products – which are protected by proprietary IP rights – is not only related to possible margin offsets with the related equity index derivatives, but also to the desire of certain market participants to trade the index and some of the component underlying derivatives (as well as the index and the component cash equities) together.

| 45. | The Decision therefore concluded that it is unlikely that sufficient and timely entry would have occurred post-merger in any of the relevant markets to mitigate the anti-competitive effects of the Transaction. |
| --- | --- |

45.

The Decision therefore concluded that it is unlikely that sufficient and timely entry would have occurred post-merger in any of the relevant markets to mitigate the anti-competitive effects of the Transaction.

III.6.   No countervailing buyer power
   (61)

| 46. | During the administrative proceedings, DB and NYX argued that large investment banks have significant buyer power, which would prevent the merged entities from increasing fees post-merger. The Parties claimed in particular that these large investment banks could unite to sponsor successful entry since they allegedly control order flow. However, there are no examples of this having occurred in the relevant markets, despite some failed attempts. In addition, any such attempt is implausible, since, inter alia, it would have to involve a very substantial number of players. The Decision concludes that to the extent there is a constraint today, this would be the result of the rivalry between the Parties and the threat of customers migrating business from one to the other. Accordingly this constraint would have been eliminated by the merger. |
| --- | --- |

46.

During the administrative proceedings, DB and NYX argued that large investment banks have significant buyer power, which would prevent the merged entities from increasing fees post-merger. The Parties claimed in particular that these large investment banks could unite to sponsor successful entry since they allegedly control order flow. However, there are no examples of this having occurred in the relevant markets, despite some failed attempts. In addition, any such attempt is implausible, since, inter alia, it would have to involve a very substantial number of players. The Decision concludes that to the extent there is a constraint today, this would be the result of the rivalry between the Parties and the threat of customers migrating business from one to the other. Accordingly this constraint would have been eliminated by the merger.

III.7.   Conclusions on competition between the Parties in trading and clearing of exchange traded derivatives

| 47. | The Decision concluded that the proposed transaction would have combined the two leading European derivatives exchanges, leading to the creation of a near-monopoly position in each of the relevant markets for trading and clearing services for:






  — | European exchange-traded interest rate futures and options; |
| --- | --- | --- |

47.

The Decision concluded that the proposed transaction would have combined the two leading European derivatives exchanges, leading to the creation of a near-monopoly position in each of the relevant markets for trading and clearing services for:

—

European exchange-traded interest rate futures and options;

| — | European exchange-traded single stock equity futures and options; |
| --- | --- |

—

European exchange-traded single stock equity futures and options;

| — | New European exchange-traded equity index futures and options; |
| --- | --- |

—

New European exchange-traded equity index futures and options;

| — | Off-order book services for block size European ETD contracts (62); and |
| --- | --- |

—

Off-order book services for block size European ETD contracts (62); and

| — | Trade registration, confirmation and CCP clearing services for flexible versions of European equity futures and options traded OTC (63). |
| --- | --- |

—

Trade registration, confirmation and CCP clearing services for flexible versions of European equity futures and options traded OTC (63).

| 48. | In each case, and given the high barriers to entry and expansion and the lack of countervailing buyer power, the Transaction would have given rise to significant impediment of effective competition by eliminating:






  — | existing competition, potential competition and the important competitive constraint Eurex and Liffe currently and uniquely exert upon each other, as closest competitors, as regards trading and clearing services in respect of each of the markets outlined above; |
| --- | --- | --- |

48.

In each case, and given the high barriers to entry and expansion and the lack of countervailing buyer power, the Transaction would have given rise to significant impediment of effective competition by eliminating:

—

existing competition, potential competition and the important competitive constraint Eurex and Liffe currently and uniquely exert upon each other, as closest competitors, as regards trading and clearing services in respect of each of the markets outlined above;

| — | competition between Eurex and Liffe in respect of product innovation within each of these product markets, for which they are each others' closest competitors; and |
| --- | --- |

—

competition between Eurex and Liffe in respect of product innovation within each of these product markets, for which they are each others' closest competitors; and

| — | competition between Eurex and Liffe in technology, processes, service and market design. |
| --- | --- |

—

competition between Eurex and Liffe in technology, processes, service and market design.

IV.   EFFICIENCIES

| 49. | The Notifying Parties claimed that the Transaction would benefit the users of their cash and derivatives exchanges by giving rise to significant efficiencies. They argued that users would see the costs of operating on these platforms fall, that users would have to pledge less collateral to clear transactions, and that users would benefit from greater liquidity and, therefore, lower implicit trading costs. The Notifying Parties argued that the liquidity effects of the Transaction would spill over to benefit firms and consumers throughout the economy. They claimed that (i) firms would benefit from a reduced cost of capital, (ii) governments would be able to fund themselves more cheaply which would free resources for both public and private investment, and (iii) consumers would benefit from greater employment, innovation and economic growth. |
| --- | --- |

49.

The Notifying Parties claimed that the Transaction would benefit the users of their cash and derivatives exchanges by giving rise to significant efficiencies. They argued that users would see the costs of operating on these platforms fall, that users would have to pledge less collateral to clear transactions, and that users would benefit from greater liquidity and, therefore, lower implicit trading costs. The Notifying Parties argued that the liquidity effects of the Transaction would spill over to benefit firms and consumers throughout the economy. They claimed that (i) firms would benefit from a reduced cost of capital, (ii) governments would be able to fund themselves more cheaply which would free resources for both public and private investment, and (iii) consumers would benefit from greater employment, innovation and economic growth.

| 50. | In the light of the near monopoly resulting from the Transaction in a number of relevant markets as identified in the Decision, any efficiencies, even if they were found to be verifiable, merger specific, and likely to benefit consumers, would have to be particularly substantial to prevent the significant impediment to effective competition set out above, including the loss of actual and potential competition and the loss of competition in innovation (64). |
| --- | --- |

50.

In the light of the near monopoly resulting from the Transaction in a number of relevant markets as identified in the Decision, any efficiencies, even if they were found to be verifiable, merger specific, and likely to benefit consumers, would have to be particularly substantial to prevent the significant impediment to effective competition set out above, including the loss of actual and potential competition and the loss of competition in innovation (64).

| 51. | On the basis of the evidence that the Notifying Parties submitted, the Decision concluded that (i) the efficiencies claimed by the Notifying Parties in the area of IT and user access costs were not verifiable (65), (ii) it was likely that some efficiencies would accrue to customers from increased cross-margining opportunities which would therefore translate into collateral savings. However, the Commission observed that some of these efficiencies could be achieved through less anti-competitive means and that it was possible that there will be some pass-on to customers although the size of this effect could not be determined (66), (iii) the claimed liquidity impact on integrated cash exchanges was not verifiable (67) and (iv) the claimed liquidity impact of integrating the Parties' derivatives trading platforms was not verifiable. Even if these liquidity impacts had been verifiable, there would have been some pass-on to customers, but the size of this effect could not be determined on the basis if the available data (68). Moreover, the Commission considered that economy-wide efficiencies was not verifiable in this case (69) and stated that it was unlikely that fixed cost savings would be passed on to customers (70). |
| --- | --- |

51.

On the basis of the evidence that the Notifying Parties submitted, the Decision concluded that (i) the efficiencies claimed by the Notifying Parties in the area of IT and user access costs were not verifiable (65), (ii) it was likely that some efficiencies would accrue to customers from increased cross-margining opportunities which would therefore translate into collateral savings. However, the Commission observed that some of these efficiencies could be achieved through less anti-competitive means and that it was possible that there will be some pass-on to customers although the size of this effect could not be determined (66), (iii) the claimed liquidity impact on integrated cash exchanges was not verifiable (67) and (iv) the claimed liquidity impact of integrating the Parties' derivatives trading platforms was not verifiable. Even if these liquidity impacts had been verifiable, there would have been some pass-on to customers, but the size of this effect could not be determined on the basis if the available data (68). Moreover, the Commission considered that economy-wide efficiencies was not verifiable in this case (69) and stated that it was unlikely that fixed cost savings would be passed on to customers (70).

V.   REMEDIES

| 52. | In order to address the competition concerns identified by the Commission, the Notifying Parties submitted two sets of remedies, a first one on 17 November 2011 and, following the negative result of the market test of this first set, a second one on 14 December 2011. Both sets included a divestment commitment in the area of single equity derivatives and an access remedy for new equity index and interest rates derivatives. In addition, the second remedies set included a software licensing commitment for the trading of existing and new interest rate derivatives. |
| --- | --- |

52.

In order to address the competition concerns identified by the Commission, the Notifying Parties submitted two sets of remedies, a first one on 17 November 2011 and, following the negative result of the market test of this first set, a second one on 14 December 2011. Both sets included a divestment commitment in the area of single equity derivatives and an access remedy for new equity index and interest rates derivatives. In addition, the second remedies set included a software licensing commitment for the trading of existing and new interest rate derivatives.

| 53. | The Commission analysed the suitability of the commitments package submitted on 14 December 2011 to remedy the entirety of competition concerns identified in the Decision. To this end, the Commission analysed the appropriateness of the scope of the proposed commitments, the likelihood of a timely and sufficient entry on the basis of the proposed commitments as well as their likely effectiveness in practice. The Commission found that these commitments were incapable of eliminating the identified competitive problem. |
| --- | --- |

53.

The Commission analysed the suitability of the commitments package submitted on 14 December 2011 to remedy the entirety of competition concerns identified in the Decision. To this end, the Commission analysed the appropriateness of the scope of the proposed commitments, the likelihood of a timely and sufficient entry on the basis of the proposed commitments as well as their likely effectiveness in practice. The Commission found that these commitments were incapable of eliminating the identified competitive problem.

VI.   CONCLUSION OF THE DECISION

| 54. | The Decision concluded that the Transaction would significantly impede effective competition in the internal market or a substantial part thereof within the meaning of Article 2(3) of the Merger Regulation. This is because the Transaction would result in the creation of a dominant or near-monopoly position and the elimination of the closest actual and potential competitor in European exchange-traded single stock equity derivatives and European exchange-traded interest rate derivatives products (including competition in product innovation), and in new European equity index derivatives. In addition, the transaction would significantly impede effective competition by creating a dominant or near-monopoly position and eliminating the closest actual and potential competitor in the markets for off-order book services for block size European ETD contracts (irrespective of how this market might be further divided), and for trade registration, confirmation and CCP clearing services for flexible versions of European equity futures and options traded OTC (71). |
| --- | --- |

54.

The Decision concluded that the Transaction would significantly impede effective competition in the internal market or a substantial part thereof within the meaning of Article 2(3) of the Merger Regulation. This is because the Transaction would result in the creation of a dominant or near-monopoly position and the elimination of the closest actual and potential competitor in European exchange-traded single stock equity derivatives and European exchange-traded interest rate derivatives products (including competition in product innovation), and in new European equity index derivatives. In addition, the transaction would significantly impede effective competition by creating a dominant or near-monopoly position and eliminating the closest actual and potential competitor in the markets for off-order book services for block size European ETD contracts (irrespective of how this market might be further divided), and for trade registration, confirmation and CCP clearing services for flexible versions of European equity futures and options traded OTC (71).

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(1)  OJ L 24, 29.1.2004, p. 1.

(2)  OJ C 199, 7.7.2011, p. 9.

(3)  The Commission conducted a wide-reaching market investigation using all tools provided for under the Merger Regulation. In this context, in the first phase, the Commission sent over 600 detailed requests for information pursuant to Article 11 of the Merger Regulation, with almost 250 responses received, while in the second phase, over 150 questionnaires were sent, with over 100 responses received. In addition, the Commission conducted more than 20 teleconferences and meetings with a range of customers and competitors and analyzed a substantial number of the Notifying Parties' pre-merger internal documents. See e.g. Decision, recitals 23.

(4)  On 20 October 2011, the time limit for taking a final decision in this case was extended by 7 working days pursuant to the second subparagraph of Article 10(3) of the Merger Regulation.

(5)  Accordingly, the legal deadline for the Commission's Article 8 decision was extended by 15 working days, pursuant to Article 10(3) first subparagraph of the Merger Regulation.

(6)  To allow a market test of the new set of commitments to be conducted, the Commission agreed with the Notifying Parties on a further extension of 13 working days pursuant to Article 10(3) second subparagraph, third sentence of the Merger Regulation. A market test was launched on 14 December 2011.

(7)  Section 7 of the Decision.

(8)  Section 8 of the Decision.

(9)  Section 9 of the Decision.

(10)  Section 10 of the Decision.

(11)  Recital 221 of the Decision.

(12)  Recitals 343ff of the Decision.

(13)  Recitals 222 and 321-342 of the Decision.

(14)  Recital 222 of the Decision.

(15)  Voice Broking is the traditional method of communicating quotes to market participants: the negotiation is conducted over the telephone, either end-user-to-dealer or dealer-to-dealer, but it is nowadays enhanced through the use of electronic bulletin boards by the dealers for posting their quotes and often highly automated.

(16)  In addition, the landscape of multilateral trading of derivatives has been made potentially accessible to Multilateral Trade Facilities (‘MTFs’), which were created as a result of MiFID (Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (‘MiFID’) (OJ L 145, 30.4.2004, p. 1). See recitals 223-227 of the Decision and recital 255.

(17)  Recital 257 of the Decision.

(18)  Section 11.1.12.2.1 of the Decision.

(19)  Recital 262 of the Decision.

(20)  As concerns ETDs, full standardization of all terms, in particular the economic parameters, is a prerequisite for exchange trading. See recitals 271, 280, 282, 283 of the Decision.

(21)  See recital 364 of the Decision.

(22)  As concerns the implications of upcoming regulation, while the final shape of any legislative initiative is at this stage unclear, and hence any reliance on the content of various proposals would be speculative and inappropriate, the Commission notes that should regulation indeed bring about convergence between ETDs and OTC derivatives in the sense that it would require standardized OTC derivatives to be subject to mandatory clearing, this would not imply that ETDs and OTC derivatives would become substitutable in both directions. On the contrary, the rationale for derivatives users to use OTC derivatives is unlikely to disappear and the one-way development could be reinforced whereby OTC contracts move to regulated exchanges because it would become mandatory to trade some of the derivatives previously traded OTC on exchanges. As such, it would not alter the fundamental characteristics of OTC derivatives or ETDs nor the differences between them, but would rather shift the boundary between them. See recital 284 and footnote 171 of the Decision.

(23)  Recital 367 of the Decision.

(24)  Clearing consists of a range of post-trade operations, in particular management of positions throughout the lifetime of contract, collateral management to address the counterparty risk and cash management. Clearing can be bilateral whereby each party is exposed to the other party's risk (in the OTC space) or via a Central Counterparty (‘CCP’). As concerns ETDs, clearing is performed by a CCP. A CCP provides a performance guarantee by legally interposing itself between the buyer and the seller, assuming the risk of counterparty default on behalf of trading parties. To this end, the CCP assesses the level of risk and manages it throughout the lifetime of each contract. To cover itself against the risk, the CCP determines so-called margin (collateral) requirements and establishes a default fund to which each trading member has to contribute according to its position. CCPs charged to clear ETDs are chosen by the derivatives exchange platform – therefore, derivatives users generally have no choice of CCP for their derivatives trades executed on-exchange. Exchanges typically offer an integrated service for which some exchanges running vertically integrated models, such as Eurex, charge a single fee. See recitals 230-236 of the Decision.

(25)  See recitals 316-332 and 367, see also recitals from 351 to 359 of the Decision.

(26)  Recital 445 of the Decision.

(27)  See recitals 396-400.

(28)  See recital 400.

(29)  See recital 406.

(30)  See recital 419.

(31)  See recital 421.

(32)  See recital 422.

(33)  See recital 426.

(34)  See recital 428.

(35)  See recitals 430-432.

(36)  See recitals 433-443.

(37)  As a result the term ETD will be used to generally refer to exchange traded options and futures taken together (recital 443 of the Decision).

(38)  See recitals 444-446.

(39)  The Application does not contest the following conclusions on the markets for Off-order book services – registration, confirmation and CCP clearing of block size ETD contracts and Trade registration, confirmation and central counterparty clearing services for flexible versions of European equity futures and options traded OTC. Although off-order book services are agreed bilaterally, they concern the same contracts and use the same infrastructure as on-order book services. However, there is no, or at best limited, demand substitutability between the two services, as off-order book services relate to block trades that could not be executed on order book without significant price impact. As a result, the Decision concludes that off-order book services belong to a distinct, although closely linked market, to on-order book services. The Notifying Parties' activities also overlap with respect to post trade services for ‘flex’ contracts. Trades entered into these facilities generally lack the level of standardization in economic parameters that would make them eligible for order book trading. As a result, the Decision concluded that these services cannot be substitutable with either on-order or off-order book services. See recitals 463ff.

(40)  See recitals 447-464.

(41)  See recitals 498, 543 and 572.

(42)  Recitals 498, 499.

(43)  Recitals 501-514.

(44)  Recitals 543-559.

(45)  Recitals 515-519 and 560-603.

(46)  Recitals 520-526.

(47)  Recitals 560-603.

(48)  Recitals 543-559, in particular recital 546.

(49)  Recitals 527-531.

(50)  Recitals 641-814.

(51)  Recitals 681ff.

(52)  Recitals 713ff.

(53)  Recitals 736ff.

(54)  Footnote 110.

(55)  Recital 238.

(56)  Recitals 815-892.

(57)  Recitals 893-925.

(58)  Recitals 926-1008.

(59)  For the definition of netting and cross margining, see footnote 108 of the Decision. Traders can benefit from netting and cross margining opportunities to the extent that, when they have open interest in one trading venue, collateral requirements for additional trades on the same venue can be lower. See recitals 934ff of the Decision.

(60)  See also recital 104 of the Decision.

(61)  Recitals 1009-1024.

(62)  Eurex and Liffe offer similar and largely overlapping services in this area also, and face no other competitors (or at most one other competitor in certain non-home single equity derivative markets). A significant amount of the cleared volume on Eurex and Liffe is represented by trades negotiated away from the order book and reported to them for confirmation and clearing. Similar issues arise for all the relevant markets as in on-book trading since the overlaps are the same. In addition, Eurex lookalikes can be cleared on Liffe. Whilst not fungible with the Eurex contract, these benefit from the two other key advantages of ETDs, namely margin offset and elimination of counterparty risk and therefore represent the closest out-of-market constraint. See recitals 463 ff and 1025 ff.

(63)  The Parties offer similar and largely overlapping services in this area also, where Liffe was first to innovate with its BClear service, described as a ‘runaway success’. They face no other competitors, with all those competitors who offer similar services not offering such services in relation to any of the equity underlyings from the Parties' home markets. This service allows them to capture significant volumes for clearing which would otherwise remain OTC, and is set to grow in importance under the G20 reforms. Liffe has made significant inroads into German and Swiss underlyings, but also DB into underlyings from Liffe's home markets. The Parties compete closely on fees and service offering. Meaningful entry is unlikely. See recitals 477 ff and 1071 ff.

(64)  Recital 1337.

(65)  Recital 1187.

(66)  Recital 1243.

(67)  Recital 1303.

(68)  Recital 1327.

(69)  Recital 1330.

(70)  Recital 1334.

(71)  Recital 1483.

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NOTICES FROM MEMBER STATES

| 5.8.2014 | EN | Official Journal of the European Union | C 254/19 |
| --- | --- | --- | --- |

5.8.2014

EN

Official Journal of the European Union

C 254/19

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Information communicated by Member States regarding closure of fisheries

2014/C 254/07

In accordance with Article 35(3) of Council Regulation (EC) No 1224/2009 of 20 November 2009 establishing a Community control system for ensuring compliance with the rules of the common fisheries policy (1), a decision has been taken to close the fishery as set down in the following table:

| Date and time of closure | 15.7.2014 |
| --- | --- |
| Duration | 15.7.2014 - 31.12.2014 |
| Member State | Germany |
| Stock or Group of stocks | SAN/2A3A4., SAN/234_1, SAN/234_2, SAN/234_3, SAN/234_4 |
| Species | Sandeel (Ammodytes spp.) |
| Zone | Union waters of IIa, IIIa and IV — Management areas 1, 2, 3 and 4 |
| Type(s) of fishing vessels | — |
| Reference number | 19/TQ43 |

Date and time of closure

15.7.2014

Duration

15.7.2014 - 31.12.2014

Member State

Germany

Stock or Group of stocks

SAN/2A3A4., SAN/234_1, SAN/234_2, SAN/234_3, SAN/234_4

Species

Sandeel (Ammodytes spp.)

Zone

Union waters of IIa, IIIa and IV — Management areas 1, 2, 3 and 4

Type(s) of fishing vessels

—

Reference number

19/TQ43

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(1)  OJ L 343, 22.12.2009, p. 1.

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Corrigenda

| 5.8.2014 | EN | Official Journal of the European Union | C 254/20 |
| --- | --- | --- | --- |

5.8.2014

EN

Official Journal of the European Union

C 254/20

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Corrigendum to Update of the list of residence permits referred to in Article 2(15) of Regulation (EC) No 562/2006 of the European Parliament and of the Council establishing a Community Code on the rules governing the movement of persons across borders (Schengen Borders Code) (
  OJ C 247, 13.10.2006, p. 1
  ;
  OJ C 153, 6.7.2007, p. 5
  ;
  OJ C 192, 18.8.2007, p. 11
  ;
  OJ C 271, 14.11.2007, p. 14
  ;
  OJ C 57, 1.3.2008, p. 31
  ;
  OJ C 134, 31.5.2008, p. 14
  ;
  OJ C 207, 14.8.2008, p. 12
  ;
  OJ C 331, 31.12.2008, p. 13
  ;
  OJ C 3, 8.1.2009, p. 5
  ;
  OJ C 64, 19.3.2009, p. 15
  ;
  OJ C 198, 22.8.2009, p. 9
  ;
  OJ C 239, 6.10.2009, p. 2
  ;
  OJ C 298, 8.12.2009, p. 15
  ;
  OJ C 308, 18.12.2009, p. 20
  ;
  OJ C 35, 12.2.2010, p. 5
  ;
  OJ C 82, 30.3.2010, p. 26
  ;
  OJ C 103, 22.4.2010, p. 8
  ;
  OJ C 108, 7.4.2011, p. 6
  ;
  OJ C 157, 27.5.2011, p. 5
  ;
  OJ C 201, 8.7.2011, p. 1
  ;
  OJ C 216, 22.7.2011, p. 26
  ;
  OJ C 283, 27.9.2011, p. 7
  ;
  OJ C 199, 7.7.2012, p. 5
  ;
  OJ C 214, 20.7.2012, p. 7
  ;
  OJ C 298, 4.10.2012, p. 4
  ;
  OJ C 51, 22.2.2013, p. 6
  :
  OJ C 75, 14.3.2013, p. 8
  :
  OJ C 77, 15.3.2014, p. 4
  )

(
  Official Journal of the European Union C 118 of 17 April 2014
  )

2014/C 254/08

On page 9, point I, third indent, second paragraph:

for:

‘... issued in Austria between 1 January 2003 and 1 January 2006’,

read:

read:

‘... issued in Austria since 1 January 2006’.

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