NYSE Euronext CEO Duncan Niederauer expected his legacy to include the merger of his exchange with Deutsche Boerse. The EU's rejection ended the deal, which Niederauer had been working on with Detusche Boerse CEO Reto Francioni for more than two years. Neither executive thought the regulators would concentrate so much on exchange-traded derivatives. Meanwhile, Joaquín Almunia, the European Union’s competition enforcer, said the exchanges pushed for the deal the "wrong way."
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