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Duncan Niederauer, NYSE Euronext‘s chief executiveBRUSSELS (AP) — The European Union on Wednesday blocked the Deutsche Boerse’s planned merger with NYSE Euronext, a $10 billion deal that would have created the world’s largest financial exchange operator.

The European Commission, the EU’s executive body, said it was ruling against the merger because the combined exchange would have controlled 90 percent of the trading in European derivatives – complex but highly profitable financial products that allow investors to bet on areas like interest rates or the price of oil. It said that dominance of that market would have made it almost impossible for competitors to offer rival trading systems.

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