Shareholders of Cedel – the entity selling its stake in Clearstream, the settlement house, to Deutsche Börse – have elected to receive cash rather than shares in the German exchange.

Deutsche Börse issued a statement saying that the demand for newly-issued shares had fallen below the minimum two million required under the terms of the agreement. The exchange had originally agreed to issue a minimum of two million and a maximum of eight million new shares, although more could have been issued with the approval of the board.