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Frankfurt - German stock exchange Deutsche Boerse has abandoned plans to merge with the four-nation European bourse Euronext, the company announced Wednesday in Frankfurt.
Euronext, which combines the Paris, Amsterdam, Brussels and Lisbon markets, plans to link up with the New York Stock Exchange (NYSE) in a deal worth 8 billion euros (10.2 billion dollars).
The operators of the Frankfurt Stock Exchange were rebuffed in their initial attempt to merge with the French-dominated Euronext in May.
Sources in Frankfurt said Deutsche Boerse decided not to pursue the merger attempt because of the incompatibility of the positions of the parties involved.
The move comes amid reports that a group of powerful banks active in investments in the European market plans to take on the stock exchanges by setting up its own trading platform.
The banks include Citigroup, Credit Suisse, Deutsche Bank, Merrill Lynch and Morgan Stanley.
The new trading platform is expected to present a direct challenge to the major European bourses, including Euronext, the London Stock Exchange and Deutsche Boerse.