The consolidation of European exchanges last night appeared to be reaching an impasse after Deutsche Börse reiterated its refusal to join a Euronext/New York Stock Exchange tie-up, despite the Paris-based exchange's insistence on a merger with its US rival.

In a statement Deutsche Börse said: "As outlined on Friday, Deutsche Börse does not consider contributing its cash equities activities into a NYSE/Euronext group an option."