Deutsche Börse Group

Studies

Revision of the EU Merger Guidelines (cepStudy, February 2026)

This study by the Centre for European Policy (cep) argues for a targeted modernization of the EU’s merger guidelines to support a competitive and resilient European economy, with a particular focus on the financial market infrastructure sector.


The authors advocate for an "evolution, not revolution," suggesting the current rules are ill-suited for today's digital and globalized markets. The study recommends a more forward-looking approach to market definition that considers global competition, a broader assessment of long-term efficiency gains (such as innovation and resilience), and a greater focus on dynamic competition rather than static market share. The goal is to create a more flexible framework that allows for the creation of scalable, globally competitive European firms without undermining the core principles of competition law.


Euro-Clearing after Brexit (Centre for European Policy, January 2024)

In light of the trilogue negotiations on EMIR 3.0, the cep think tank (Centre for European Policy) compiled an analysis of different policy options to address the Euro clearing issue. The think tank elaborates on why a shift of Euro clearing from the UK to the EU is necessary, as well as which factors should drive political and regulatory decisions. Ultimately, they present ten dedicated guardrails for an appropriately calibrated regulatory approach. The study should thus be considered as a helpful policy recommendation in the Euro clearing discussion. 


The design of equity trading markets in Europe (Oxera, March 2019)

One year on from the implementation of MiFID II, the objective of this report is to inform the debate on the design of equity trading markets in Europe – in particular, market data services – by providing an economic analysis of the role of the price formation process, the impact of regulatory change and the value chain for market data services.


Cologne Institute for Economic Research - The Economic Effects of a Merger of Deutsche Börse and London Stock Exchange - Part 1: Contribution to financing the economy (June 2016)

The Cologne Institute for Economic Research published the first part of an independent study commissioned by Deutsche Börse Group in June 2016. The study by Prof. Dr. Hüther and Dr. Demary is the first part of a series consisting of three studies on economic effects of the purposed merger of Deutsche Börse and the London Stock Exchange.


Pricing of market data services (Oxera, February 2014)

Is market data provided by trading venues too expensive? Would imposing price controls be expected to benefit the real economy?


New economic analysis by Oxera tackles these challenging questions. The results of the analysis question the need for regulation.


In recent years, there has been a debate about market data services provided by trading venues in Europe. The perception is that the fees charged for these services in Europe have increased and are far higher than in the U.S. The European Parliament and the European Council agreed with proposals from the European Commission to require trading venues to provide market data services on “a reasonable commercial basis” and allow for delegated acts to be passed by the Commission to clarify what this would mean. These rules potentially open the way for price regulation by the European Securities and Markets Authority (ESMA).


This Oxera report presents new empirical analysis and provides an economic framework within which the pricing of market data services can be analyzed.


Additionally, Oxera provided the following documents that highlight other aspects of the discussion.


As a response to the ESMA consultation, Oxera published a document regarding reasonable commercial terms for market data services in September 2014. Ideally, this note should be read in conjunction with Oxera’s report (Pricing of market data services).


In addition, Oxera’s article “Is ESMA becoming a price regulator?”, also published in September, should be mentioned.


 

Studies

Revision of the EU Merger Guidelines (cepStudy, February 2026)

This study by the Centre for European Policy (cep) argues for a targeted modernization of the EU’s merger guidelines to support a competitive and resilient European economy, with a particular focus on the financial market infrastructure sector.


The authors advocate for an "evolution, not revolution," suggesting the current rules are ill-suited for today's digital and globalized markets. The study recommends a more forward-looking approach to market definition that considers global competition, a broader assessment of long-term efficiency gains (such as innovation and resilience), and a greater focus on dynamic competition rather than static market share. The goal is to create a more flexible framework that allows for the creation of scalable, globally competitive European firms without undermining the core principles of competition law.


Euro-Clearing after Brexit (Centre for European Policy, January 2024)

In light of the trilogue negotiations on EMIR 3.0, the cep think tank (Centre for European Policy) compiled an analysis of different policy options to address the Euro clearing issue. The think tank elaborates on why a shift of Euro clearing from the UK to the EU is necessary, as well as which factors should drive political and regulatory decisions. Ultimately, they present ten dedicated guardrails for an appropriately calibrated regulatory approach. The study should thus be considered as a helpful policy recommendation in the Euro clearing discussion. 


The design of equity trading markets in Europe (Oxera, March 2019)

One year on from the implementation of MiFID II, the objective of this report is to inform the debate on the design of equity trading markets in Europe – in particular, market data services – by providing an economic analysis of the role of the price formation process, the impact of regulatory change and the value chain for market data services.


Cologne Institute for Economic Research - The Economic Effects of a Merger of Deutsche Börse and London Stock Exchange - Part 1: Contribution to financing the economy (June 2016)

The Cologne Institute for Economic Research published the first part of an independent study commissioned by Deutsche Börse Group in June 2016. The study by Prof. Dr. Hüther and Dr. Demary is the first part of a series consisting of three studies on economic effects of the purposed merger of Deutsche Börse and the London Stock Exchange.


Pricing of market data services (Oxera, February 2014)

Is market data provided by trading venues too expensive? Would imposing price controls be expected to benefit the real economy?


New economic analysis by Oxera tackles these challenging questions. The results of the analysis question the need for regulation.


In recent years, there has been a debate about market data services provided by trading venues in Europe. The perception is that the fees charged for these services in Europe have increased and are far higher than in the U.S. The European Parliament and the European Council agreed with proposals from the European Commission to require trading venues to provide market data services on “a reasonable commercial basis” and allow for delegated acts to be passed by the Commission to clarify what this would mean. These rules potentially open the way for price regulation by the European Securities and Markets Authority (ESMA).


This Oxera report presents new empirical analysis and provides an economic framework within which the pricing of market data services can be analyzed.


Additionally, Oxera provided the following documents that highlight other aspects of the discussion.


As a response to the ESMA consultation, Oxera published a document regarding reasonable commercial terms for market data services in September 2014. Ideally, this note should be read in conjunction with Oxera’s report (Pricing of market data services).


In addition, Oxera’s article “Is ESMA becoming a price regulator?”, also published in September, should be mentioned.


 

2026

2025

2024

2023

2022

2021

2020

2018

Studies

Revision of the EU Merger Guidelines (cepStudy, February 2026)

This study by the Centre for European Policy (cep) argues for a targeted modernization of the EU’s merger guidelines to support a competitive and resilient European economy, with a particular focus on the financial market infrastructure sector.


The authors advocate for an "evolution, not revolution," suggesting the current rules are ill-suited for today's digital and globalized markets. The study recommends a more forward-looking approach to market definition that considers global competition, a broader assessment of long-term efficiency gains (such as innovation and resilience), and a greater focus on dynamic competition rather than static market share. The goal is to create a more flexible framework that allows for the creation of scalable, globally competitive European firms without undermining the core principles of competition law.


Euro-Clearing after Brexit (Centre for European Policy, January 2024)

In light of the trilogue negotiations on EMIR 3.0, the cep think tank (Centre for European Policy) compiled an analysis of different policy options to address the Euro clearing issue. The think tank elaborates on why a shift of Euro clearing from the UK to the EU is necessary, as well as which factors should drive political and regulatory decisions. Ultimately, they present ten dedicated guardrails for an appropriately calibrated regulatory approach. The study should thus be considered as a helpful policy recommendation in the Euro clearing discussion. 


The design of equity trading markets in Europe (Oxera, March 2019)

One year on from the implementation of MiFID II, the objective of this report is to inform the debate on the design of equity trading markets in Europe – in particular, market data services – by providing an economic analysis of the role of the price formation process, the impact of regulatory change and the value chain for market data services.


Cologne Institute for Economic Research - The Economic Effects of a Merger of Deutsche Börse and London Stock Exchange - Part 1: Contribution to financing the economy (June 2016)

The Cologne Institute for Economic Research published the first part of an independent study commissioned by Deutsche Börse Group in June 2016. The study by Prof. Dr. Hüther and Dr. Demary is the first part of a series consisting of three studies on economic effects of the purposed merger of Deutsche Börse and the London Stock Exchange.


Pricing of market data services (Oxera, February 2014)

Is market data provided by trading venues too expensive? Would imposing price controls be expected to benefit the real economy?


New economic analysis by Oxera tackles these challenging questions. The results of the analysis question the need for regulation.


In recent years, there has been a debate about market data services provided by trading venues in Europe. The perception is that the fees charged for these services in Europe have increased and are far higher than in the U.S. The European Parliament and the European Council agreed with proposals from the European Commission to require trading venues to provide market data services on “a reasonable commercial basis” and allow for delegated acts to be passed by the Commission to clarify what this would mean. These rules potentially open the way for price regulation by the European Securities and Markets Authority (ESMA).


This Oxera report presents new empirical analysis and provides an economic framework within which the pricing of market data services can be analyzed.


Additionally, Oxera provided the following documents that highlight other aspects of the discussion.


As a response to the ESMA consultation, Oxera published a document regarding reasonable commercial terms for market data services in September 2014. Ideally, this note should be read in conjunction with Oxera’s report (Pricing of market data services).


In addition, Oxera’s article “Is ESMA becoming a price regulator?”, also published in September, should be mentioned.


 

Further information

Studies

Revision of the EU Merger Guidelines (cepStudy, February 2026)

This study by the Centre for European Policy (cep) argues for a targeted modernization of the EU’s merger guidelines to support a competitive and resilient European economy, with a particular focus on the financial market infrastructure sector.


The authors advocate for an "evolution, not revolution," suggesting the current rules are ill-suited for today's digital and globalized markets. The study recommends a more forward-looking approach to market definition that considers global competition, a broader assessment of long-term efficiency gains (such as innovation and resilience), and a greater focus on dynamic competition rather than static market share. The goal is to create a more flexible framework that allows for the creation of scalable, globally competitive European firms without undermining the core principles of competition law.


Euro-Clearing after Brexit (Centre for European Policy, January 2024)

In light of the trilogue negotiations on EMIR 3.0, the cep think tank (Centre for European Policy) compiled an analysis of different policy options to address the Euro clearing issue. The think tank elaborates on why a shift of Euro clearing from the UK to the EU is necessary, as well as which factors should drive political and regulatory decisions. Ultimately, they present ten dedicated guardrails for an appropriately calibrated regulatory approach. The study should thus be considered as a helpful policy recommendation in the Euro clearing discussion. 


The design of equity trading markets in Europe (Oxera, March 2019)

One year on from the implementation of MiFID II, the objective of this report is to inform the debate on the design of equity trading markets in Europe – in particular, market data services – by providing an economic analysis of the role of the price formation process, the impact of regulatory change and the value chain for market data services.


Cologne Institute for Economic Research - The Economic Effects of a Merger of Deutsche Börse and London Stock Exchange - Part 1: Contribution to financing the economy (June 2016)

The Cologne Institute for Economic Research published the first part of an independent study commissioned by Deutsche Börse Group in June 2016. The study by Prof. Dr. Hüther and Dr. Demary is the first part of a series consisting of three studies on economic effects of the purposed merger of Deutsche Börse and the London Stock Exchange.


Pricing of market data services (Oxera, February 2014)

Is market data provided by trading venues too expensive? Would imposing price controls be expected to benefit the real economy?


New economic analysis by Oxera tackles these challenging questions. The results of the analysis question the need for regulation.


In recent years, there has been a debate about market data services provided by trading venues in Europe. The perception is that the fees charged for these services in Europe have increased and are far higher than in the U.S. The European Parliament and the European Council agreed with proposals from the European Commission to require trading venues to provide market data services on “a reasonable commercial basis” and allow for delegated acts to be passed by the Commission to clarify what this would mean. These rules potentially open the way for price regulation by the European Securities and Markets Authority (ESMA).


This Oxera report presents new empirical analysis and provides an economic framework within which the pricing of market data services can be analyzed.


Additionally, Oxera provided the following documents that highlight other aspects of the discussion.


As a response to the ESMA consultation, Oxera published a document regarding reasonable commercial terms for market data services in September 2014. Ideally, this note should be read in conjunction with Oxera’s report (Pricing of market data services).


In addition, Oxera’s article “Is ESMA becoming a price regulator?”, also published in September, should be mentioned.


 

Further information

ABOUT US

CONTACT & SERVICES

FOLLOW US

QUICK LINKS

Our Brands

ISS STOXX
SimCorp
Deutsche Börse Xetra
Eurex
EEX
360t
Crypto Finance
Clearstream

MORE
To top